Seven officers from U.S. banks helped a Florida loan officer submit applications for more than $10 million in fraudulent loans and lines of credit in exchange for kickbacks, federal prosecutors said Tuesday. Francis Santa, owner of Palm Beach Business Consultants in Boca Raton, FL, solicited the bribes from clients who did not otherwise qualify for the loans and did not, in most instances, pay them back, prosecutors alleged. Working with the bank officials, Santa helped applicants falsify tax and other data, at times hiding the identity of the real borrower, according to court documents. In addition, five of the bank...
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