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Loan Scams: Vigilance Never Out Of Fashion

With the recent guilty verdict against a businessman that scammed $7.5 million from the former Lockheed Credit Union to obtain a number of loans, the decision may have offered another instance of assurance that the public is becoming increasingly fed up with fraud.

By Michelle A. Samaad | Updated on March 08, 2013

With the recent guilty verdict against a businessman that scammed $7.5 million from the former Lockheed Credit Union to obtain a number of loans, the decision may have offered another instance of assurance that the public is becoming increasingly fed up with fraud. 

In late February, a jury found Brent Edward Lovett guilty of bank fraud for bilking Logix Federal Credit Union out of $7.5 million by providing false information to obtain loans. At the time of the indictment in 2006, the $3.4 billion Logix FCU in Los Angeles was known as Lockheed Credit Union. 

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