ST. LOUIS (AP) - A 52-year-old has pleaded guilty to fraudulently obtaining millions of dollars in loans from a suburban St. Louis bank.
The St. Louis Post-Dispatch (http://bit.ly/JeoPn5) reports that Michael Edward Filmore of Chesterfield entered the plea Friday in federal court. Filmore admitted through his plea that he lied about the destination of the money and falsified a brokerage account statement claiming $5.5 million to back up a $1 million line of credit.
Filmore told Pulaski Bank that the loans would be used to broker and lease medical equipment. Many of the loans were in the name of his business, Healthcare Partners Group LLC.
According to court testimony, Filmore obtained more than $6 million through fraud and still owes more than $5 million.