NORFOLK, Va. — A southeast Virginia developer and restaurateur is facing up to 20 years in prison after pleading guilty to federal bank fraud charges.
Thomas Arney, of Chesapeake, pleaded guilty in U.S. District Court in Norfolk on Friday for his role in a scheme that led to the collapse of Bank of the Commonwealth.
The Virginian-Pilot reports ( ) that the 56-year-old admitted that he conspired with bank executives to defraud Bank of the Commonwealth of $15 million in loans. http://bit.ly/QzqFuW
Much of that money was lost and contributed to more than $150 million in losses that caused the bank to fail in 2011.
Arney was indicted in July along with four former Bank of the Commonwealth executives on charges that they conspired to commit bank fraud.
Sentencing is set for Dec. 3.
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Online Dating Scams
<a href="http://www.huffingtonpost.com/2012/05/15/online-romance-scams-cost-50-million-in-2011_n_1518162.html" target="_hplink">Fraudsters feigned interest</a> in lonely online romance seekers to rob victims of about $50 million last year.
Debt Collector Scams
Phony debt collection agencies <a href="http://www.huffingtonpost.com/2012/04/11/ftc-busts-scam-debt-collector_n_1418582.html?ref=business&ir=Business" target="_hplink">have pressured victims</a> into giving up millions of dollars. The Federal Trade Commission recently closed down two California-based <a href="http://www.huffingtonpost.com/2012/02/21/ftc-indian-call-center-fraud-debt-collectors_n_1289751.html" target="_hplink">companies with call centers in India</a> after they defrauded Americans out of $5 million over the past two years.
Online Marketplace Scams
Craigslist and eBay are a playground for scammers. Consumers have sent payments to <a href="http://www.huffingtonpost.com/2012/04/23/craigslist-scams-tips-losing-money_n_1445763.html" target="_hplink">places like Nigeria </a>for items advertised online only to discover they have been scammed. Last year, Romanians pretending to be U.S. citizens put fake ads for pricey items on eBay and Craigslist, <a href="http://www.huffingtonpost.com/2012/04/23/craigslist-scams-tips-losing-money_n_1445763.html" target="_hplink">defrauding Americans out of more than $100 million. </a>
Prize Money Scams
<a href="http://www.huffingtonpost.ca/2012/04/28/lottery-scam-probe-nets-2_n_1460916.html" target="_hplink">Canadian police arrested a man </a>who tried to take a $70,000 processing fee from an elderly Californian woman who believed she was going to win a $7.5 million lottery prize in April. More recently,<a href="http://www.huffingtonpost.com/2012/05/17/jamaica-lottery-scam-fraud-suspects-arrested_n_1525498.html" target="_hplink"> eight Jamaican swindlers accused</a> of duping Americans in lottery scams were also arrested.
Fake charity organizations come out of the woodwork to exploit the generosity of others, <a href="http://www.huffingtonpost.com/2012/03/09/tornado-relief-fraud-scam_n_1334853.html" target="_hplink">especially during times of disaster.</a> Most recently, an organization that claims to help disabled veterans called Disabled Veterans National Foundation (DVNF) <a href="http://www.huffingtonpost.com/2012/05/08/charity-fraud-disabled-national-veterans-foundation_n_1499314.html" target="_hplink">took millions of dollars from donors</a> without spending the money on veterans.
Mortgage Foreclosure Scams
Scammers targeting struggling homeowners have offered false services to help with mortgage settlements. Mortgage foreclosure scams have shot up <a href="http://www.huffingtonpost.com/2012/04/16/mortgage-foreclosure-scams_n_1429805.html" target="_hplink">60 percent in 2012 as new federal programs</a> for mortgages have provided avenues for fraudsters to exploit.
Travelling Relative Scams
Scam complaints related to travelling surged right before <a href="http://www.huffingtonpost.com/2012/04/11/spring-break-travel-scams_n_1418954.html" target="_hplink">spring break last year. Crooks defrauded</a> grandparents out of money when their grandchildren were travelling abroad. The scammers, who find out about the travel plans from places like social media sites, pretend to be the grandchild asking for wire transfers on the phone. The scams have involved scammers pretending in an email to be a victim's travelling relative who has recently been mugged or has lost their passport.
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Online Prescription Drug Scams
Scammers have sold drugs to online consumers and then posed as government agents asking the buyers to pay money to <a href="http://www.huffingtonpost.com/2012/04/12/online-prescription-drug-scam_n_1420776.html" target="_hplink">avoid jail time. A Texas woman </a>killed herself after being caught up in one of these drug schemes.
Credit Card Scams
Credit card breaches allow fraudsters to make charges on other peoples' cards after getting a hold of numbers. Global Payments Inc., a third party payment processing service for MasterCard and Visa, made headlines in April for reporting that over a million card numbers had been compromised from their system, <a href="http://news.cnet.com/8301-1009_3-57407981-83/global-payments-calls-data-breach-contained/" target="_hplink">according to CNET.</a>