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Manafort Indictment Spells Trouble for Bankers
World Economy

Manafort Indictment Spells Trouble for Bankers

Recently filed federal charges against President Donald Trump’s ex-campaign chairman Paul Manafort could also pose legal and regulatory risks for the banks that loaned him millions of dollars against his New York real estate in recent years, AP reported. The most serious exposure may be for a Rhode Island-based bank that employed a “conspirator” in Manafort’s scheme to obtain a loan he couldn’t afford, according to the 32-count new indictment unsealed this week. Dubbed “Lender B” in court papers, Citizens Bank not only lent Manafort $3.4 million based off of fraudulent documents but, in another case, appeared to help Manafort avoid being caught by sending back a crudely falsified financial statement that had been sent to them from a Manafort associate, according to federal prosecutors. Peter Lugcht, a bank spokesman, declined to acknowledge that Citizens was “Lender B” or answer questions about whether Citizens had reported the alleged loan application fabrications to the government. He also wouldn’t say whether it still employed the person identified as a conspirator.

 

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