Federal prosecutors say a Newport Beach borrower used edited PDFs to convince Western Alliance Bank his collateral was clean. The deeds of trust said otherwise. By the time the bank looked underneath, the properties were already in foreclosure.
The Enforcement Directorate arrested Karuturi Venkateshwara Rao on June 2 in a ₹899 crore ($108M USD) bank fraud case that allegedly ran for fifteen years inside the books of a Bengaluru cable company. The machine was not the cable. It was the paperwork.
Shannon Kurrie walked into banks in Michigan and Indiana with someone else's name in her hand. Federal prosecutors say she did it well enough to clear a quarter of a million dollars before the float ran out.