Scandal at the top rocks Sterling Financial Corp. — 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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Scandal at the top rocks Sterling Financial Corp.

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Five employees of Equipment Finance LLC, a subsidiary of Sterling Finan-cial Corp. of Lancaster, concealed credit delinquencies and falsified financing contracts in a sophisticated loan scheme that will cost Sterling an estimated $150 million. Equipment Finance provides financing to businesses in the pulp and logging industries.

The scheme eluded detection for some time, company officials said, because the collusion involved employees from several levels and areas, including the chief operating officer and the executive vice president. Sterling fired the five employees and is cooperating in a federal investigation. 

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