posted September 24, 2007
A Knoxville loan officer plans to plead guilty to bank fraud in a scheme involving loans to customers of Ducktown Dodge.
Baron Mayes plans to pleaded guilty in Federal Court at Chattanooga, authorities said.
Prosecutors said Mayes was a loan officer at SunTrust Bank in Knoxville, and he approved loans from SunTrust to Ducktown Dodge customers.
Mayes accepted compensation for his approval of the loans in the form of payments and the free use of vehicles provided by Ducktown Dodge, it was stated.
The scheme went on from May of 2001 to January of 2002, it was stated.
Authorities said Ducktown Dodge sold vehicles to customers who would not legitimately qualify for loans in a scheme in which the customers' incomes were inflated.
SunTrust lost about $600,000 on the loans, it was stated.
John P. MacCoon is handling the case for the government.
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