Former Frederick Businessman Convicted In Bank Fraud Scheme

Sentencing is scheduled for Nov. 1st.

 

Baltimore, Md (KM). A former Frederick businessman could be spending a long time in prison following his conviction on Wednesday. In US District Court in Baltimore. Mark Ian Gaver, 56, of Bonita Springs, Florida, and formerly of Middletown, Md., was found guilty by a jury of eight counts of bank fraud and two counts of money laundering. “It was a 49-million bank fraud scheme in which Mr. Gaver, who owned a business in Frederick, he submitted all kinds of false and fraudulent documents¬† to a federally insured lender in order to induce the bank to basically extend a line of credit to him for business purposes,” says Robert K. Hur, US Attorney for Maryland.

But Hur says Gaver used $15-million of his line of credit for personal uses. “Just for example, he used loan proceeds to pay for the rental of private planes; personal pleasure trips to the Bahamas, France, Germany, Mexico, Jamaica; he also use the funds to buy some vacation homes, including one in Bonita Springs, Florida that cost $2.3-million,” he says.

Other personal uses included the purchase of a 2012 Maserati Gran Turismo, a 2011 Mercedes Benz Roadster and a private membership in an exclusive golf club in Napes Florida, which cost $285,000.

Hur says the stability of the nation’s financial system depends on people telling the truth when applying for loans. “When folks takes steps like this and tell untruths and lies to lenders, it really undermines and shakes trust in our entire financial system.” he says.

Sentencing is scheduled for November 1st at 10:00 AM before US District Judged Richard Bennett. Hur says Gaver could be incarcerated for a long period of time. “On each of the eight bank fraud counts, he faces up to 30 years prison, that’s the statutory maximum, as well as for each of two money laundering charges, he could receive up to ten years in prison,” says Hur.

Gaver’s trial lasted for seven days.

 

By Kevin McManus