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
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Wells Fargo loan officer pleads guilty to wire fraud

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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.

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