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A man from LaPlace, Louisiana, will be sentenced later this year after admitting that he orchestrated a fraudulent loan scheme that targeted credit unions.
According to a statement from the U.S. Attorney’s Office of the Eastern District of Louisiana, acting U.S. Attorney Michael M. Simpson says that Ernest X. Taylor Jr. pleaded guilty to one count of bank fraud in violation of 18, U.S. Code, Section 1344(2).
Court documents show that from 2019 to 2022, the 40-year-old applied for over $400,000 in loans from credit unions using other people’s names.
Taylor falsely claimed that the funds would be used to buy vehicles and hid the fact that the proceeds of the loan would go to him. He also presented the credit unions with sham documents, including fraudulent vehicle titles and falsified pay stubs.
Taylor then defaulted on the loan payments after receiving the funds.
He was charged on July 30th following an investigation by the Federal Bureau of Investigation (FBI) and the U.S. Secret Service.
Judge Jane T. Milazzo set Taylor’s sentencing for October 29th following his guilty plea on August 6th. The accused faces up to 30 years of jail time, up to five years of supervised release and a fine of up to $250,000.
