Satish Suri, 57, of Philadelphia was arrested yesterday on an indictment charging him with bank fraud, false statements on loans, and false statements to the Department of Housing and Urban Development (HUD) on a HUD-insured loan, United States Attorney Zane David Memeger said in a statement.
The indictment charges that from 2005 to 2008, Suri, a loan officer at Sovereign Bank in Pennsylvania, knowingly submitted false and fraudulent documents to Sovereign Bank on behalf of borrowers in support of mortgage applications on eight properties.
Sovereign Bank relied on the false documents in approving over USD 2.37 million in loans and mortgages.
The mortgage on one of the properties was federally insured by HUD. Suri faces a maximum of 30 years in prison for each bank fraud count, a fine of up to USD 20.5 million in addition to a five years' supervised release if convicted of all charges. He would also have to pay USD 2,200 special assessment.
