Seven Named In $800,000 Phony Loan Scam

Register now

CHARLESTON, S.C. – Seven people were charged by a federal grand jury last week for roles in a scheme that siphoned more than $800,000 in bogus loans from 11 area credit unions and five banks.

The suspects submitted loan applications using phony information and fake documents to the lenders in 2008 and 2009, but did not use the money to buy autos, according to the grand jury indictment. The charges include bank fraud and conspiracy to commit bank fraud.

The credit union victims include: Vystar CU, Charleston Area FCU, Heritage Trust FCU, Navy FCU, South Carolina FCU, Truliant FCU, Space Coast CU, Carolina Foothills FCU, South Carolina Telco FCU, CPM FCU and Community 1 FCU.

The indictment says the suspects, William Toadvine, 34, Donald Toadvine, 58, Colin Slaven, 38, Joyce Pozniko, 58, Floyd Hargrove, 41, Daniel Kosmer Jr., and Elizabeth Donnelly, 47, all shared the proceeds from the scheme.

 

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER