ROCKFORD, Ill (WTVO) — Two Kentucky men pleaded guilty Thursday, April 16, to federal fraud charges after prosecutors said they operated a scheme that caused borrowers, lenders, and investors to lose $11.8 million through sham loan programs and investments.
According to officials, Mark Carroll, 50, and Luke Curry, 39, admitted in plea agreements that they made false and fraudulent representations to victims through companies they created between 2018 and 2019, including Catapult Marketing LLC and Catapult Funding LLC.
Authorities said the men fraudulently claimed they would provide lines of credit to borrowers in exchange for upfront deposits of about 20%, a practice known as “80/20 line of credit.” Officials said no lines of credit were funded…