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Bank employee sentenced for $750,000 in fraudulent loans

A former Georgia financial institution employee has been sentenced to federal jail for utilizing a stolen identification to take out greater than $750,000 in fraudulent loans.

A United States District Courtroom decide ordered a 10-month jail sentence for Jason McMillan of Savannah after he pleaded responsible to financial institution fraud expenses.

McMillan, 46, used his job as a business mortgage officer at a Chatham County financial institution to take out 4 loans between 2009 and 2019, the U.S. lawyer’s workplace for Georgia’s Southern District stated in a information launch.

Prosecutors say the loans have been taken out utilizing another person’s identification and fraudulently said the cash was getting used to purchase industrial farm gear. Their quantities ranged from $157,000 to $250,000. The financial institution alerted authorities after an inside investigation flagged the loans.

McMillan admitted in court docket to spending a minimum of $200,000 of the mortgage cash for private makes use of. Along with his jail sentence, he was ordered to pay $112,430 in restitution.