Consumer Lending: bank president authorised fake loan
When George Greenwood approved a loan of USD500,000 and then dispersed the moneys to five different persons, he did so to a straw borrower, prosecutures allege. He's charged with various offences including money laundering.
Prosecutors allege that Greenwood, at the time "president" of the Bank of Asheville, knew that the borrower was not real and that the payments were made to distribute the moneys so as to disguise the false loans, thereby laundering the proceeds.
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