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Virginia Lawyer Pleads Guilty in $100 Million SBA Loan Fraud

A Virginia lawyer pleaded guilty in a fraud scheme that prosecutors said resulted in more than $100 million in losses in loans guaranteed by the U.S. Small Business Administration.

Seung E. Oh, 44, of Great Falls, entered her plea to money laundering and conspiracy to commit bank fraud today in federal court in Baltimore.

Oh used her law firm and a settlement company she owned to “facilitate loan closings for deals that would otherwise fail to meet the lending parameters of the banks making the loans,” according to her plea agreement.

Oh and other conspirators misrepresented to banks and to the SBA the true amount of money involved in loan closings, “and/or the true names of the parties taking part in the transactions,” the plea agreement says.

Taxpayers, through the SBA, guaranteed 75 percent to 90 percent of each loan, leaving the lenders on the hook for the rest, according to an e-mailed statement from U.S Attorney Rod Rosenstein’s office.

Oh collaborated with Joon Park and Loren Park, brothers who owned Jade Capital, a Virginia loan brokerage, in arranging for the fraudulent loans, according to Rosenstein’s statement.

Oh faces a maximum penalty of 30 years in prison for the bank fraud conspiracy charge and as many as 20 years for money laundering.

Joon Park pleaded guilty to bank fraud conspiracy and is scheduled for sentencing on May 28. Four other participants in the scheme already have been sentenced.

The case is U.S. v. Park, 11-cr-00600, U.S. District Court, District of Maryland (Baltimore).

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