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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (40593)	5/12/1999 8:02:00 PM
From: yard_man	Read Replies (1) \| Respond to of 86076

Need cash fast? Been turned down before? Got bad credit? Investments gone sour? Don't worry -- just apply today ... -s- >>What credit bubble? -s- NEW YORK, May 12 (Reuters) - A Chippendale male dancer, the owner of a caviar bar and three lawyers were among 33 defendants charged with bank fraud Wednesday for using fake papers to apply for more than $35 million in loans. The defendants, mostly small business owners, were able to get the bogus documents from a former bank loan officer who claimed he could arrange a loan ''even for a homeless person.'' The bogus information was submitted to more than a dozen banks with more than 100 applications going to Citibank, a unit of Citigroup (C - news), alone. Prosecutors said fraudulent papers filed with Citibank sought a total of about $20 million. Manhattan U.S. Attorney Mary Jo White told a news conference that the banks actually lent out about $20 million based on the fake papers and that actual losses ranged between $10 million and $15 million. The scheme ran between 1995 and 1998. The defendants include proprietors of a wide range of small businesses including the caviar bar, a dental laboratory, two plumbing and heating companies, a trucking firm, a cigar bar, an adult book publisher, a record distributor, a delicatessen, a vending-machine company and a law firm. The defendants are named in 20 separate complaints and one indictment filed in Manhattan federal court. <<