Man Used Oil Well to Fraudulently Get Millions of Loans
Hawaii resident Lawrence H. Wolf was arrested recently for posing as the owner of Wyoming oil and gas wells to obtain multimillion-dollar loans.
Wolf allegedly posed as the owner of Wyoming oil and gas wells for over a decade to obtain multimillion-dollar loans and lines of credit to pay back previous loans he owed, while also using the money to fund a lavish lifestyle – private jets, high-priced artwork, and jewelry. The complaint filed alleges Wolf spent more than $12 million of victim’s money.
Investment Scheme Spans a Decade
According to the U.S. Department of Justice, Wolf received a $3.5 million credit line from the first known victim bank in 2008. Wolf spent that money and then paid off the loan with another loan he got from a second bank in 2014. Shortly after, he received a third loan from a third bank for more than $13 million and used some of that money to pay back the second bank.
In October 2016, while Wolf was again using misrepresentations in oil holdings to obtain a loan from a fourth bank, he was caught in his lie and was unable to secure the loan. At a fifth bank, personnel found that Wolf’s documents were forged and called authorities.
Wolf Charged with Wire Fraud and Identity Theft
Wolf is charged with one count of wire fraud affecting financial institutions, which carries a maximum sentence of 30 years in prison. He is also charged with one count of aggravated identity theft that mandates two years in prison.
Are You a Victim of Investment Fraud?
If you believe you are a victim of investment fraud or have lost money as a result of investment fraud, contact a qualified investment fraud attorney today.
Call an Investment Fraud Attorney Today
If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.