Va. man sentenced in $100M business loan fraud

BALTIMORE (AP) -- A Virginia man has been sentenced to more than 15 years in prison in a scheme to get fraudulent loans guaranteed by the Small Business Administration. Prosecutors said the scheme resulted in losses of more than $100 million.

Forty-three-year-old Joon Park of Falls Church was also ordered to pay a money judgment of more than $90 million at sentencing Thursday in U.S. District Court in Baltimore.

According to his plea agreement, Park and others operated Jade Capital, a loan brokerage company. Prosecutors say Park submitted SBA loan applications to loan originators and underwriters on behalf of their clients that contained fraudulent documents.

Park then converted loan proceeds for his personal use.