Legal Question in Banking Law in Mississippi

What is the penalty for purchasing a shelf corporation, obtaining loans, and not paying them back?


Asked on 6/10/10, 7:00 pm

1 Answer from Attorneys
Wayne Woodall Wayne Woodall Attorney

UP TO TEN (10) YEARS IN PRISON FOR EACH FRAUDULENT TRANSACTION. EACH NOTE PAYMENT MAY BE DEEMED A FRAUDULENT ACT. OTHERWISE AT A MINIMUM EACH LOAN WOULD BE FRAUDULENT.

Read more
Answered on 6/16/10, 7:45 pm


Related Questions & Answers

More Banking Law questions and answers in Mississippi