A Charlotte man involved in a large-scale bank fraud scheme received a prison sentence today, as announced by Russ Ferguson, U.S. Attorney for the Western District of North Carolina. Bruce Howard Marko, 66, will serve a 12-month and one-day prison sentence, followed by two years of supervised release. He has also been ordered to pay restitution amounting to $1.5 million. Marko admitted to conspiracy charges involving wire fraud and bank fraud.
Three accomplices are awaiting sentencing after pleading guilty to the same charges. These individuals include Kotto Yaphet Paul, 50, from Waxhaw, N.C.; Latoya Tamieka Ford, 50, from Covington, Georgia; and Love Norman, 50, from West Palm Beach, Florida. Paul also faces a charge of money laundering.
Court documents reveal that starting in 2018, Marko collaborated with Peebles, Paul, and Ford in orchestrating a fraudulent loan scheme. This scheme defrauded at least 17 financial institutions of more than $17 million. Marko directly participated in securing over $2.8 million through at least five fraudulent loans. The defendants submitted falsified loan applications, misrepresenting financial details and stating false intentions for loan use. Ultimately, 42 loans were fraudulently obtained and misused for various personal and business expenses, resulting in significant defaults and losses to the involved banks.
Other individuals connected to the scheme have also been sentenced. Amrish D. Patel received 15 months, Dwight A. Peebles, Jr. 18 months, Denise Woodard 36 months, and Derrick L. Harrison a year and a day in prison. Ordered restitution for these defendants ranges from $620,000 to over $3.1 million.
This case outcome is credited to the investigative work of several agencies, including the Office of the Inspector General for various federal bodies, the FBI in Charlotte, and the IRS's Criminal Investigation division. Assistant U.S. Attorney Don Gast is handling the prosecution.