Commerce Business Owner Convicted of Bribery

By EGP News Service

The owner of Financial Plus Investments in Commerce was convicted Tuesday in Los Angeles federal court of bribing a bank manager to falsify bank records, as party of an investment scheme that targeted the Latino community in East Los Angeles.

The jury found that Mexican national, Juan Rangel, 45, l secretly paid a Bank of America branch manager to falsify bank documents he later used to induce lending companies to approve more than $1 million in loans for “straw borrowers,” U.S. Attorney Thomas P. O’Brien said.

Rangel promised investors a 100 percent “protected” annual return .

Rangel faces a statutory maximum penalty of 95 years in federal prison when he is sentenced by U.S. District Judge George H. King on August 3.

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May 7, 2009  Copyright © 2012 Eastern Group Publications, Inc.

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