Miscreant Michael Ross Franco plead guilty to sucking more than $4 million out of the My Community Federal Credit Union in Midland, Texas from May 2006 to October 2008 in fraudulent loans.
While supposedly working as a loan officer at My Community FCU, Franco was a prime cog in an auto-loan kickback scheme. The former loan officer approved nearly 500 fraudulent auto loans for a dealership in the area by making false statements about consumers’ credit scores, debt-to-income ratios, and income, according to the U.S. Federal District Court.
For his role in the scheme, Franco was paid around $29,000 in kickbacks, for which he now faces up to 30 years with the feds and a $1 million fine. This is a shockingly poor return-on-investment for a trained loan officer to make.