South Carolina Feds Get Guilty Plea For Bank Fraud/Money Laundering; Bank Takes $4.5 Million Hit

In South Carolina, the Rock Hill Herald reports:

• "A Rock Hill man has pleaded guilty to defrauding a bank out of $4.5 million, according to the U.S. Attorney’s Office. Kyle Wimmer ... pleaded guilty to bank fraud and money laundering during a hearing Tuesday... . "

The scam involved using false information on loan applications and inflated appraisals to induce a BB&T branch in South Carolina to loan more money than they ordinarily would. About 100 loans were taken out, but many went into default, ultimately costing the bank about $4.5 million. For more, see Rock Hill man pleads guilty to $4.5M in bank fraud (if link expires, try here).