Henderson man convicted of defrauding federal credit union
Las Vegas, NV (KTNV) -- Following a six-day jury trial, 50-year-old Brent Lovett of Henderson, was convicted of bank fraud for making false statements to a federally insured credit union.
Authorities said Lovett was able to obtain a $7.5 million commercial real estate loan.
According to the indictment and evidence presented to the jury, during 2006, Lovett devised a scheme to defraud Lockheed Federal Credit Union by fraudulently obtaining a commercial real estate loan from which he would skim part of the loan proceeds for himself.
Lovett controlled Bay Resorts International, which leased two commercial buildings on Tenaya Way in Las Vegas.
From about May to June 2006, Lovett caused Bay Resorts to purchase the buildings for $6 million.
He then had Bay Resorts sell the buildings for $10 million to another company he controlled, Equity Resource, Inc.
Lovett caused Equity Resource to apply for a commercial real estate loan with Lockheed Federal Credit Union to purchase the buildings, and in the application and supporting documents, Lovett made false statements and omissions regarding Bay Resorts, Equity Resource and the sales history of the buildings.
Based on those false statements, Lockheed Federal Credit Union made a loan to Equity Resource for $7.5 million. Lovett obtained around $1.3 million from the proceeds of the sale of the buildings to Equity Resource. He then allowed the buildings to go into foreclosure and kept the balance of the proceeds for himself.
Lovett is scheduled to be sentenced on May 29, 2013. He faces up to 30 years in prison and a $1 million fine.