Wells Fargo loan officer pleads guilty to wire fraud — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Wells Fargo loan officer pleads guilty to wire fraud

Get PDF file

by on
in Human Resources

A former Wells Fargo loan officer in Maple Grove has pleaded guilty to one count of wire fraud for his part in approving $4.3 million in fraudulent loans. The bank took a $1.5 million loss on the deal.

Larry Gene Hilliard ran credit checks on a list of people supplied by Truang Quang Tran and Thanh Van Ngo, owners of Invescorp. When one report revealed a person with good credit, Hilliard processed a loan application in that name, while the funds found their way to Invescorp’s owners.

Hilliard, who faces a maximum penalty of five years in jail, is awaiting sentencing. Tran is serving a 24-month sentence and Ngo received a sentence of a year and one day for his part in the scheme.

Advice: Cases like this one show why it’s so important to have checks and balances on work that involves financial transactions.

Leave a Comment


Previous post:

Next post: