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he went to jail for lying on his loan app

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ive never seen this kind of story anywhere. fbi and everything. you better not lie on your app!!!!

 

https://www.pennlive.com/crime/2020/08/mechanicsburg-man-sentenced-to-1-day-in-prison-for-bank-fraud.html\

 

A Mechanicsburg man who authorities said submitted fraudulent financial records to get a lower interest rate on his car loan must spend a day in prison and complete two years’ probation, according to federal prosecutors.

Rene Roy, 51, was sentenced Aug. 19 for submitting falsified documents to Belco Community Credit Union as part of his loan application, causing a loss to the credit union, U.S. Attorney David J. Freed said.

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Never miss with a credit union. To a bank, it's just business. To a credit union, it's personal. 

 

That cuts both ways. CUs may take a chance where banks wouldn't, but they also leave no stone unturned when the fury is unleashed. Snap back clause and all.

 

Since he's a member-owner, I guess he sued himself? 

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That was very common during the sub prime mess; hundreds of mortgage brokers and closing attorneys were prosecuted for filing false loan applications. Often the borrower had no knowledge of this; it happened to me.

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1 hour ago, hegemony said:

did everyone miss this: HE WAS A VP AT THE CU!!!!!!

Nope.  And that was what likely moved this from a basic repo and account closure into the land of prosecution...but regardless of the reason, I have zero qualms with prosecution of people who doctor up financials to get a loan. 

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On 8/27/2020 at 10:51 PM, hegemony said:

did everyone miss this: HE WAS A VP AT THE CU!!!!!!

 

I bet it happened because he pissed off his boss.  

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