Man sentenced in federal court for bank fraud
A man was sentenced in federal court Wednesday for making false statements to a credit union to obtain a $7.5 million commercial real estate loan, according to the U.S. attorney’s office.
Brent Edward Lovett, 50, of Henderson was convicted of bank fraud in February and was sentenced to 98 months in prison, five years of supervised release and ordered to pay restitution to the credit union.
Lovett sold two commercial buildings between two companies he controlled, Bay Resorts International and Equity Resource, and obtained $1.3 million in the proceeds of the sale. He allowed the buildings to go into foreclosure and kept the balance of the proceeds.
He was accused of making false statements and omitting information about the companies and sales history when applying for a loan with Lockheed Federal Credit Union.
District Judge Roger L. Hunt permitted Lovett to self-report to federal prison by August 2.
