General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIf you report massive losses on your tax returns but massive profits on your bank loan applications
isn't that fraud?
Rule of Claw
(500 posts)Blue_true
(31,261 posts)Wicked Blue
(5,877 posts)hlthe2b
(102,674 posts)going through the hoops to make sure their obtaining is by the book.
Squinch
(51,122 posts)I've been trying to figure out why they didn't, but if they had been tipped that this story was coming out it makes sense.
Because they didn't accept them at the time, they can't be accused of being the ones who leaked them to the Times.
MustLoveBeagles
(11,708 posts)Sneederbunk
(14,328 posts)Demsrule86
(68,977 posts)required for loans.
brush
(54,081 posts)Like two sets of books. trump counts on neither party knowing what the other gets, which is of course fraud and will eventually come to light.
The Magistrate
(95,285 posts)People are sitting jail for doing that even as we speak.
Andy823
(11,495 posts)into that I am sure. Lying to the IRS is a crime. Remember Al Capone!
LizBeth
(9,954 posts)bluestarone
(17,216 posts)an impeachable offense?
Celerity
(44,006 posts)What happens if someone lies on a personal loan application?
Knowingly providing false information on a loan application is considered lying and is a crime. For instance, putting an incorrect salary or falsifying documents would qualify as lying and can impact you in serious ways. An example: In 2016, the Michigan attorney generals office filed criminal charges against a state representative accusing him of producing fake income statements when he applied for a personal loan in 2010.
Rep. Brian Banks was charged with two counts of uttering and publishing false information and two counts of using a false pretense to get the $3,000 loan from Detroit Metropolitan Credit Union. The most serious of the charges carries a prison term of 14 years upon conviction.
Risks of lying on personal loan application
Going to prison for lying on an application is rare, but it does happen. For instance, a North Carolina woman was sentenced to 60 months in prison in 2015 after she pleaded guilty to providing false information regarding her income and assets to obtain personal loans. Prosecutors allege she used the money to help finance a $1.85 million home. And in 2014, an Ohio woman was sentenced to 14 years in prison for using other peoples identities to take out loans at LendingClub and other institutions. Even if your intent isnt criminal, you could lose your loan.
Prosper says that 11 percent of the applications it verifies contain false or insufficient employment or income information. In those cases, the company cancels the loan before it is funded. With other companies, you may have to immediately repay loan funds youve received if the lender learns that youve misrepresented yourself. In addition to these criminal consequences, you also face a long list of other repercussions that could impact your financial future. For example, your credit score can take a large hit, and you may not be able to take out loans going forward.
Progressive dog
(6,940 posts)but Trump and his enablers will call it fake news.
Baked Potato
(7,733 posts)Maybe ties in with Epstein and his Enquirer buddy Pecker.
Yavin4
(35,474 posts)from global criminals.
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