Indian American among others accused of stealing $4.5 Million in a Lending Scam

CHICAGO  (TIP): The principal of a USDA-approved lender ‘First Farmers Financial LLC  “sold phony loans to transfer over $4.5 million to himself and fund his “extravagant lifestyle,” the firm’s asset receiver claimed in court. In a complaint filed in federal court on Monday, Oct 19, Patrick Cavanaugh, receiver First Farmers Financial LLC, claimed the lender’s principal, Timothy Fisher and Nikesh Patel, engaged in a “massive fraud”.

Patel and Fisher invented ‘borrowers’, printed phony loan documents, forged the signatures of USDA officials on guarantees, sent the fraudulent loan documentation and sold portions of those loans through asset managers and/or investment advisors, including a company named Pennant Management Inc.

(Source: http://www.courthousenews.com/ 2015/10/22/lender-accused-of-stealing-4-5-million.htm)

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