Savannah, Georgia resident Richard Guerard was indicted by a federal jury on charged that he defrauded over $1 million from First National Bank and other banks between 2007 and 2009.
Allegedly, in 2007 Guerard worked as a real estate developer acting on behalf of two businesses and entered into loan agreements with First National Bank among others for the purchase of development areas in downtown Savannah. The following two years consisted of Guerard submitting dozens of fraudulent subcontractor invoices to to First National Bank for work that hadn’t been performed. Guerard then received over $1 million in loan funds that he was not entitled to.
United States Attorney Edward J. Tarver said, “We will continue our efforts to expose the shameless schemes that strip Americans of their financial security and erode their confidence in our nation’s financial networks. The U.S. Attorney’s Office will direct available resources to respond to the surge in financial fraud to ensure that those who have committed white-collar crimes are prosecuted and face long periods of incarceration; that victims of such crimes recover what they have lost; and that the American people regain trust and confidence in their country’s financial institutions.”
Guerard is now facing an impending trial and 25 counts of bank fraud which carry a maximum 30 year prison sentence and $1 million on each count which means Guerard could be facing a 750 year prison sentence and $25 million fine. Can you imagine 750 years in prison?
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