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  1. #1
    Join Date
    Dec 2010
    Posts
    2

    Default Providing Incorrect Information on SBA 504 Loan Application

    My question involves criminal law for the state of: Maine

    I am currently 41 years old and last year I applied for and was granted a SBA 504 loan in the sum of $580,000.00 that was used to build a business location. My question is that on the application there is a question if I was ever arrested, I answered no because I forgot about 2 occurrences when I was 18 & 19 years old. The first one was drinking & causing a fight, the second was shop lifting. I only paid a fine for each and nothing else (no jail or probation). Can I be held criminally liable for this application and charged, prosecuted and imprisoned. I have a wife and twins and employee 13 people all with families. Thank you in advance for any help.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: SBA 504 Loan Mistake

    Are you delinquent or in danger of defaulting? If you aren't, I don't expect that anybody is likely to audit your loan application. If you want to pretty much rule out the possibility that this will arise as an issue, refinance.

  3. #3
    Join Date
    Dec 2010
    Posts
    2

    Default Re: SBA 504 Loan Mistake

    Well I was already arrested for this by the FBI but they were looking to hold me in fear that I would flee the country because of another issue I am having involving allegations of healthcare fraud. I do have a criminal lawyer presently and wanted to get some other thoughts on this. Currently the prosecutor isn't prepared to indict me on the fraud charges but I expect it to come in January or February. I guess my question is can the charge of the SBA loan stick with such old offenses that were long forgotten by me. Do I have a way out? Thank you for the first response.

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