Thursday, April 23, 2009

Bank Execs Indicted in Ramsey Town Center Scam

The StarTribune reports that according to an indictment handed out on Wednesday, millions of dollars that lenders thought were going into the Ramsey Town Center project actually went to bank executives who used the money for their own use.

The original project was started nearly a decade ago, and it seems as if the project is nowhere near finished yet. The three defendants named in the indictment face charges of conspiracy, bank fraud, mail fraud, misapplication of bank funds, and money laundering.

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