• KYW- News At 5/6 PM
    05:00 PM - 06:30 PM

PHILADELPHIA (CBS) – A Philadelphia loan officer has been arrested for knowingly committing loan fraud from 2005 to 2008, officials say.

United States Attorney Zane David Memeger announced that 57-year-old Satish Suri of Philadelphia was arrested Monday and charged with bank fraud, false statements on loans and false statements to the Department of Housing and Urban Development (HUD) on a HUD-insured loan.

The indictment charges that Suri, a loan officer at Sovereign Bank in Horsham, Pa., knowingly submitted eight false and fraudulent documents between 2005 and 2008.

Sovereign Bank relied on those false documents in approving over $2.375 million in loans and mortgages. The mortgage on one of the properties was federally insured by HUD.

If convicted of all charges, Suri may face up to 30 years in prison for each bank fraud count, a $20.5 million fine, five years supervised release and a $2,200 special assessment.

Top Content On CBSPhilly

Watch & Listen LIVE