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Borrower Indicted for Falsifying Assets to Qualify for Line of Credit

mortgagefraudblog.com | November 18, 2013

Alberto Solaroli, 59, Jacksonville, Florida, a Canadian citizen, who was living and working in Jacksonville, Florida, has been indicted on charges that he borrowed $1.5 million via false pretenses from OneBanc in April 2007.

Solaroli allegedly purported to be the owner of patents for technology related to a more efficient combustion engine in order to qualify for the line of credit. He was approved for the loan based on financial statement he signed in which he claimed assets of $170,900,000 with a net worth of more than $169 million.

According to the Indictment, Solaroli falsified the nature and scope of his assets, the value of his assets, and his overall personal net worth. As a result of his sworn financial statement, Solaroli received a one year line of credit which he took within the first month of the loan approval, with over $900,000 being paid to Porche Motorsport, N.A. Solaroli never made a single payment on the loan causing OneBanc to sue Solaroli. In 2008, OneBanc received a civil judgment in Florida for $1.5 million dollars which Solarioli has not paid.

with one count of bank fraud was unsealed November 14, 2013. The indictment also seeks $1.5 million in forfeiture. A warrant has been issued for his arrest.

The maximum sentence for bank fraud is not more than 30 years imprisonment, not more than a $1,000,000 fine and/or not more than five years of supervised release.

Christopher R. Thyer, United States Attorney for the Eastern District of Arkansas; Christopher A. Henry, Special Agent in Charge of the IRS-Criminal Investigation Nashville Field Office; Howard S. Marshall, Acting Special Agent in Charge of the Federal Bureau of Investigation, and Christy Romero, Special Inspector General for TARP (SIGTARP) announced the Indictment.

The case was investigated by special agents from the IRS-Criminal Investigations, Federal Bureau of Investigation, SIGTARP, Federal Reserve, and the FDIC. The case is prosecuted by First Assistant United States Attorney Pat Harris and Assistant United States Attorney Angela Jegley.

According to TARP records, One Financial Corporation, the parent company of One Bank and Trust, Little Rock, Arkansas, received $17.3 million in federal taxpayer funds through the U.S. Department of the Treasury Troubled Asset Relief Program (TARP) in June 2009. To date, these funds are still outstanding.

“As the financial institutions recover from the economic downturn, our investigative partners on the Financial Fraud Task Force are closely scrutinizing irregularities in loan transactions to determine if deceit is involved,” stated Thyer. If it is, those who circumvent a lender’s loan requirements through fraud will have to face justice and a substantial prison sentence.”

“Bank fraud burdens lenders with bad loans and weakens our economy. Today’s indictment is strong reminder of the seriousness of these crimes,” said Christopher A. Henry, Special Agent in Charge of the IRS Criminal Investigation. “Individuals who engage in this type of financial fraud should know they will not go undetected and will be held accountable.”

“The charge against Mr. Solaroli for defrauding OneBanc is the result of a strong collaborative effort among partners,” stated Acting FBI Special Agent in Charge Howard Marshall. “We will continue to work together with the goal of bringing Mr. Solaroli to Arkansas to answer these allegations.”


Back to November 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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