SESSIONS Strikes Again: Banker brought to justice for fraud

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Attorney General Jeff Sessions may be under fire by the President of the United States over his decision to recuse himself from the Russia investigation months ago, but that isn’t stopping the former senator from Alabama from doing his job leading the Department of Justice.

The DOJ announced Monday that it has brought to justice a dishonest banker from South Carolina.

A former bank vice president pleaded guilty Monday to conspiring to defraud the United States.

Douglas Corriher, 68, who was the Vice President at a South Carolina-based bank, from 2009 through 2010, Corriher extended several factoring loans, through nominee entities, to a bank customer who operated staffing companies in North Carolina. Through the use of nominees, he was able to circumvent federal regulations limiting the amount of money that can be loaned to a single entity.

More details about the crime can be read in the statement from Jeff Sessions’ team at the Department of Justice.  The press release from the DOJ is below:

Former Bank Vice President Pleads Guilty to Employment Tax Conspiracy

Monday, July 24, 2017
A former bank vice president pleaded guilty today to conspiring to defraud the United States, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Sandra J. Hairston for the Middle District of North Carolina.

According to documents filed with the court, Douglas Corriher, 68, was the Vice President at a South Carolina-based bank. From 2009 through 2010, Corriher extended several factoring loans, through nominee entities, to a bank customer who operated staffing companies in North Carolina. Through the use of nominees, he was able to circumvent federal regulations limiting the amount of money that can be loaned to a single entity.

The staffing company promised its clients that it would pay the payroll taxes for thousands of low-wage temporary workers that it supplied to its clients. The company issued Forms W-2 and filed employment tax returns showing that the funds had been withheld from the wages of the workers. In fact, the payroll taxes were not paid over to the Internal Revenue Service (IRS). Corriher was aware that the company owed more than $1 million in payroll taxes. Notwithstanding this, Corriher continued to make advances on the loans knowing that the fund of unpaid payroll taxes would enable the staffing company to repay the loan and allow the bank to continue collecting high rates of interest on the loan advances along with lucrative fees.

Corriher’s sentencing hearing is scheduled for Oct. 6 before U.S. District Judge N. Carlton Tilley. He faces a statutory maximum sentence of five years in prison, as well as a period of supervised release, restitution and monetary penalties.

Acting Deputy Assistant Attorney General Goldberg and Acting U.S. Attorney Hairston thanked special agents of IRS Criminal Investigation, FBI and Federal Deposit Insurance Corporation Office of Inspector General, who conducted the investigation, and Assistant U.S. Attorney Frank Chut and Trial Attorneys Nathan Brooks and Jeffrey A. McLellan of the Tax Division, who are prosecuting this case.

Additional information about the Tax Division’s enforcement efforts can be found on the division’s website.

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