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Former Assistant District Attorney
Former Assistant U.S. Attorney

Woman accused of wire fraud in business loan scheme

| Jan 26, 2021 | Federal Crimes

Federal white collar crimes often involve complex and confusing legal matters. For example, because of ever-evolving technical capabilities, allegations of wire fraud can be quite challenging to defend against. When someone in Mississippi is under investigation for wire fraud or other federal crimes, they may rightly have many concerns about their future.

Federal investigators in another state say a woman who owned a for-profit lending corporation used her company to bilk business owners of hundreds of thousands of dollars. The indictment against her says she forged a statement from her company’s bank account to show the company had billions of dollars to lend, when it actually had only a few thousand. Using this document, she allegedly convinced numerous business owners in different states that she would lend them millions of dollars if they would wire her money to cover the fees for loans.

Where did the money go?

Reports say the woman used the money for her personal gain. She allegedly bought herself a Lexus and jewelry among other things, and the indictment accuses her of transferring over $250,000 to overseas banks. She is charged with seven counts of wire fraud in addition to money laundering.

Federal convictions for white collar crimes often result in severe penalties, including long prison terms and costly fines. Those in Mississippi who are facing allegations of wire fraud or other crimes face an uncertain future. It is likely that federal agents have been zealously investigating the case, perhaps for months, and defending against such charges may require a similarly aggressive approach.