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Articles Tagged with Loan Fraud

Leveraged Loan Defaults Hit $23B

Published on: December 5, 2019 | by Shepherd Smith Edwards & Kantas, LLP

Leveraged Loan Defaults Hit $23 Billion – The Highest In Two Years

According to Forbes, leveraged loan defaults are now at $23B, which is the highest they’ve reached in two years. Not only that but between October and November of this year, 11 issuers defaulted to the amount of $7.8B. None of this is good news for the market or investors.

Comprised of lending syndicates to speculative companies that have junk grade credit, leveraged loans are high-risk credits that the US Securities and Exchange Commission does not regulate. Now, Forbes is reporting that leveraged loans are defaulting from every area of the economy, with the energy and retail sectors being hit especially hard.

GL Capital Partners Ex-CEO Pleads Guilty to $15M Fraud

Published on: March 17, 2016 | by Shepherd Smith Edwards & Kantas, LLP

Daniel Thibeault, the ex-CEO of GL Capital Partners, has entered a guilty plea to criminal charges accusing him of bilking fund investors of $15M. According to the Securities and Exchange Commission, Thiebeault used funds that were in the GL Beyond Income Fund to make fake consumer loans.

Meanwhile, investors were led to believe that their money was going toward buying or making real consumer loans. They hoped to make a return from the interest. Instead, the fake loans were reported as GL Beyond Income Fund assets to hide the money that Thibeault was misappropriating.
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