Legal Question in Banking Law in Wisconsin
loan fraud
i carried 70,000.00 on a busniess i sold. The bank that financed it was to a older women who was trying to set up her son a ex felon i found out later / the bank & bus. broker knew however kept this info from me.also this loan was done through the sm. bus. administration of wis.as part of the loan the state or bank requires the principle of the company must have life ins. to cover the note. it is my understanding that between the bank & broker they agreed that a cousin or brother in law could take out the policy very cheap /specialy since mom on the note is in bad health & the son thats running the bus. is a ex-felon. i may add this loan was done with the fact that these people had no equity anywhere to my checking. prior to selling the bus. the broker led me to believe they had some solid equity positions /(ie) realestate. cant list other items out of space, help us with response please. thanks , andy
1 Answer from Attorneys
Re: loan fraud
How much are you out? I should really review the documents to get the full picture. Call or e-mail for assistance.
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