A former Florida loan officer from Jackson County was sentenced to 18 months in federal prison this week for bank fraud, according to the United States Department of Justice (USDOJ).
Kevin R. Griffin, 44, of Alford, Florida, was employed by the Bank of Bonifay, which later became the First Federal Bank of Florida Between 2010 and 2012. Griffin used his position at the bank to create a ponzi loan scheme to give clients undocumented loans that were actually funded by embezzling money from other customers’ bank accounts without authorization.
In order to carry out the scheme, Griffin forged loan documents and embezzled money from bank customers for his own personal benefit.
“This defendant had a duty to make truthful transactions on behalf of his company to help ensure a sound banking industry, and he violated that duty,” said U.S. Attorney Canova. “My office is committed to prosecuting unethical financial representatives who abuse their authority for their own gain.”
Federal Reserve Board representatives stated: “Griffin’s false and fraudulent representations in loan applications and loan documents directly impacted the accuracy of the Bank of Bonifay’s Consolidated Reports of Condition and Income (Call Report), which provides quarterly financial data regarding a bank’s financial condition and the results of its operations. The Federal Reserve Board relies on the accurate submission of call report data to effectively regulate and oversee the safety and soundness of the bank’s holding company.”
My name is Maurice “Moe” Bedard. I am the founder of America’s #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.