Illinois man frauds lenders

Timothy Potendyk of East Peoria, Illinois was recently found guilty on fraud charges after lying about a military contract in order to use short term lending, reported the Journal Star. The source explained that Potendyk, the founder and president of Neo Orthotics Incorporated, told a local bank he was given a $1.9 million military contract to make his products, but he needed a short term loan of $850,000 in the meantime. After obtaining the loan, Potendyk went on to gather other donations, eventually totaling $1.52 million, used to pay off the original short term loan and produce forged documents indicating the military contract was real, the Journal Star noted. The Federal Bureau of Investigation's 2010- 2011 report on financial crimes found that 2011 saw 726 corporate fraud cases pursued by FBI officers in the U.S., including cases related to falsified information of the financial condition corporations. The report also claimed that the FBI secured restitutions totaling $2.4 billion and $16.1 million from fines doled out to corporate criminals.