WASHINGTON — Nineteen people were recently arrested by the Department of Justice and charged with fraud in connection with more than $76 million in loans guaranteed by the Small Business Administration.
SBA's Office of Inspector General cracked an apparent "inside job" of loan and banking professionals, centered around individuals in the Business Loan Express, LLC, the agency said. BLX is a major participant in SBA's Preferred Lender Program, the agency said.
SBA is reviewing BLX's loans in order to assess its on-going relationship with SBA. The agency said it would move aggressively to recover any funds lost to fraud.
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