Downtown St. Louis. (Source: Shutterstock)
A federal grand jury in St. Louis indicted two men for defrauding three Missouri credit unions, federal prosecutors said Thursday.
Wendell Bryant, 43, was charged with one felony count of bank fraud and Ciera Moreland, 34, was charged with one felony count of bank fraud conspiracy.
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According to the indictment, Bryant and Moreland conspired with each other to defraud the $466 million Neighbors Credit Union in St. Louis, the $2 billion Together Credit Union in St. Louis, and the $997 million Vantage Credit Union in St. Charles, Mo. by submitting fraudulent vehicle loan applications from September to November 2019.
Bryant and Moreland allegedly obtained loans from the credit unions to purchase vehicles that were not in the custody or control of auto dealer STL Power Motors, which was operated by Bryant.
Moreland allegedly submitted loan applications that included false and fraudulent income verification documents. Bryant would then fax the automobile purchase orders to the credit unions for vehicles that were not in the possession of STL Power Motors, federal prosecutors allege.
The scheme netted Bryant and Moreland more than $90,000 in loan funds that were deposited in a Bank of America account, according to the indictment.
The funds were allegedly dispersed between Bryant and Moreland.
They have not yet entered a plea to the charges.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
