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Nineteen Arrested in $76 Million SBA Loan Scam

Nineteen people were recently arrested by the Department of Justice and charged with fraud in connection with more than $76 million in loans guaranteed by the Small Business Administration.

By Staff Writer | Updated on February 06, 2007

WASHINGTON — Nineteen people were recently arrested by the Department of Justice and charged with fraud in connection with more than $76 million in loans guaranteed by the Small Business Administration.

SBA’s Office of Inspector General cracked an apparent “inside job” of loan and banking professionals, centered around individuals in the Business Loan Express, LLC, the agency said. BLX is a major participant in SBA’s Preferred Lender Program, the agency said.

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