A Charlotte man has been handed a prison sentence for his involvement in a banking scheme that netted millions in fraudulent loans, according to a statement from U.S. Attorney Russ Ferguson of the Western District of North Carolina. Bruce Howard Marko, age 66, will serve 12 months and a day behind bars, followed by two years of supervised release. He is also mandated to pay $1.5 million in restitution after pleading guilty to conspiracy to commit wire fraud and bank fraud. This development was first reported by the U.S. Department of Justice.
The conspiracy, which commenced in 2018, involved Marko and three others—Kotto Yaphet Paul, Latoya Tamieka Ford, and Love Norman—who also plead guilty to similar charges. Their sentencing is still pending, moreover, Paul admitted to money laundering. Court documents revealed that this group defrauded at least 17 banks by providing materially false information on loan applications to the tune of $17 million. The loans were purportedly used for real estate purchases, business expenses, investments, personal expenditures, and payments toward previous loans, contrary to their falsified stated purposes.
The scheme resulted in default on a majority of the loans, which led to significant financial losses for the involved financial institutions. Four more defendants—Amrish D. Patel, Dwight A. Peebles, Jr., Denise Woodard, and Derrick L. Harrison—have been previously convicted and sentenced for their role in the conspiracy. Restitution ordered for these individuals ranged from $620,000 to over $3.1 million, as the collective damage to the victimized banks mounted…