Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

PNC Financial Gets U.S. Government Subpoena on Jade Case

Nov. 6 (Bloomberg) -- PNC Financial Services Group Inc. said it received a subpoena from the U.S. Small Business Administration about the bank’s relationship with Jade Capital & Investments LLC.

The subpoena concerned possible bank fraud and money laundering by people associated with Jade, Pittsburgh-based PNC said today in a regulatory filing. The bank said it’s cooperating with the probe.

Jade, a loan broker based in Woodbridge, Virginia, used phony documents to persuade SBA officials to back loans through banks including PNC and M&T Bank Corp., U.S. Attorney Rod Rosenstein said in March. A broker at Jade was sentenced in June to more than 15 years in prison for conspiring to commit bank fraud, Rosenstein said.

Harry Trainor, an attorney at Trainor Billman Bennett & Milko LLP in Annapolis, Maryland, who represented one of the Jade brokers, didn’t immediately respond to a phone message requesting comment. Fred Solomon, a PNC spokesman, declined to comment.

PNC rose 0.8 percent to $73.88 in New York. It has advanced 27 percent this year.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.