Montco bank officer charged in $2.3M loan fraud

Posted: August 22, 2012

A bank officer at Sovereign Bank in Horsham has been arrested on federal fraud charges involving $2.37 million in mortgages and loans for eight properties.

An indictment handed up by a federal grand jury alleges Satishi Suri, 57, of Philadelphia, submitted false and fraudulent documents to get the loans and mortgages approved in exchange for kickbacks from the borrowers.

If convicted of all charges, Suri faces a maximum of 30 years in prison, a fine of up to $20.5 million and five years supervised release, the U.S. Attorney's Office said.

Suri was arrested on Monday, officials said.

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