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Monday, August 23, 2010

Bloomfield Township Man Convicted on Federal Bank Fraud and Conspiracy Charges

A 46-year-old Bloomfield Township, Michigan man was found guilty today by a federal jury in Detroit on charges of bank fraud and bank fraud conspiracy United States Attorney Barbara L. McQuade announced.

Murphy was joined in the announcement by Andrew Arena, Special Agent in Charge, Bureau of Investigation.

Found guilty was William King.

The jury deliberated for less than one day before returning the verdict, concluding a week-long trial before United States District Marianne O. Battani.

The evidence presented at trial showed that King executed a scheme to defraud area banks by falsifying employment and income information for loan applicants who then applied for loans on boats that did not exist. At least three loans were applied for each in excess of $200,000. However, arrests were made before any loan proceeds were disbursed.

“This case clearly demonstrates the U.S. Attorney’s Office’s commitment to aggressively prosecute any individuals engaged in bank fraud in the Eastern District of Michigan,” United States Attorney McQuade said.

McQuade commended the work of the agents of the FBI in the investigation.

A sentencing date in November has been set. King faces a maximum term of imprisonment of 30 years.

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