Dearborn Business Owner Pleads Guilty To $6M Bank Fraud
DEARBORN (WWJ) – A Dearborn man who owned a string of metro Detroit gas stations has pleaded guilty to bank fraud for his actions in obtaining more than $6 million in loans from Fifth Third Bank and Comerica Bank.
Majed Tawbe, 43, entered the guilty plea Wednesday in United States District Court before Judge David Lawson.
According to court documents, Tawbe used false tax returns to obtain multiple commercial loans between 2004 and 2006. Tawbe then used the loans to purchase gas stations in Garden City, Westland, Dearborn and elsewhere, according to the U.S. attorney’s office.
Tawbe, who was also charged with money laundering and with obtaining U.S. citizenship by fraud, faces a sentence of up to 30 years in jail and a fine of up to $1,000,000. A sentencing hearing is expected to be scheduled for a date in 2013.
“Let this conviction stand as an excellent example that … our law enforcement partners are committed to aggressively pursuing anyone who would fraudulently manipulate our nation’s financial institutions for their own selfish interests. Loan fraud is a significant threat to our economy, as well as our national security, and will not be tolerated,” Special Agent in Charge Tiano said in a release.
Seven other people — including a former bank vice president, lawyer and restaurateur — were charged in the widespread fraud scheme that included falsified documents, bribes and fake marriages.