AmBanc, Commercial Capital Banc and U.S. Underwriting Fraud Scheme

Last month the United States Attorney’s Office announced that James France was indicted for wire wire fraud in connection with an advance fee scheme.

Apparently, France held himself out as being in the business of commercial lending, and operated his business under various names such as AmBanc, Commercial Capital Banc and U.S. Underwriting. The indictment alleges that from around 2005 until sometime in 2010, France executed a scheme to obtain money from others by falsely representing that he had the ability to obtain financing for their commercial projects.

The indictment alleges that France made numerous false representations to make himself appear to be a successful businessman, including claiming that he owned or was involved in coal mining businesses, that he once owned a bank and that he was a direct lender.

According to the indictment, in order to secure his services, France persuaded clients to pay him a deposit in advance which was to be used to cover the expenses of securing funding for their projects. Instead, he allegedly used clients’ money for other purposes such as personal expenses, paying himself a salary and giving money to others.

France faces a maximum of 20 years in prison and/or fines up to $250,000 – Source.

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