Article

Criminal Fraud

Note: The United States Court of Appeals for the Second Circuit affirmed a U.S. District Court for the Southern District of New York, Stein, J., decision finding the defendant guilty of one count of conspiracy to submit false loan applications. The charges arose from the defendant's submission of approximately 12 applications for letters of credit to the Bank of Seoul for purposes of backing fictitious transactions by several financially-troubled companies owned and controlled by the defendant.

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