North Carolina’s Credit Doctor Facing Fraud Charges in Federal CourtBy robertslaw, In White Collar Crimes, 0 Comments
A North Carolina businessman is facing 74 counts of criminal charges after being indicted in federal court last week. The charges are the result of allegations that he engaged in fraud and money laundering to the tune of $4 million through the use of fraudulent credit applications.
The Wilmington man operated his business as the Credit Doctor and mainly served businesses in the formation stage as well as assisting them with credit repair and rebuilding. For a 15 percent fee, the Credit Doctor was able to offer his clients an advantageous line of credit approvals to help start or save their businesses when no one else could. His clients willfully provided him with a full name, address, Social Security number, and date of birth so he could pursue credit approvals on their behalf.
Allegations indicate the Credit Doctor submitted fraudulent applications for lines of credit and credit cards for hundreds of clients over a recent five-year period. As of late last week, the doctor faces charges brought by Attorney General George E. B. Holding which include wire fraud, bank fraud, aggravated identity theft, money laundering, and obstruction of justice.
North Carolina’s Secretary of State has indicated the Credit Doctor is also the owner of another business, a real estate company in the Wilmington area. It is not unreasonable to assume that company’s records will come under intense scrutiny in the forthcoming trial.
The Credit Doctor was denied bail on these federal charges this past Monday, forced to remain in Brunswick County Jail until his trial date due to a lack of federal detention centers in the Wilmington area.
Source: Triangle Business Journal, “Credit Doctor charged with $4M fraud” 3/4/11