A jury has found Brent Edward Lovett guilty of bank fraud for bilking Logix Federal Credit Union out of $7.5 million by providing false information to obtain loans.
At the time of the indictment in 2006, the $3.4 billion Logix FCU in Los Angeles was known as Lockheed Credit Union.
Through his company Bay Resorts International, Lovett leased two commercial buildings in Las Vegas, which were later bought for $6 million. Through Equity Resource Inc., another company owned by Lovett, he purchased the buildings for $10 million using a loan secured from the credit union, according to the indictment.
Lovett apparently made false statements to Lockheed FCU on his application involving Bay Resorts. After he obtained the loan, he let the buildings go into foreclosure and kept approximately $1.3 million for himself, according to the indictment.
Lovett is now facing up to 30 years in prison and a $1 million fine. He is scheduled to be sentenced on May 29.
A comment from Logix FCU was not immediately available.