According to the U.S. Attorney's Office in Central California - the frontman of a Los Angeles-based rock band has been charged with submitting false documents to banks to fraudulently obtain millions of dollars worth of loans, money that he allegedly used to fund his band and his lavish lifestyle.
According to the affidavit in support of the criminal complaint, between August 2009 and April 2011, the frontman obtained four loans from Comerica Bank totaling approximately $6.25 million. He then defaulted on those loans, causing Comerica to suffer losses of approximately $6 million.
Now, I don't know about you, but I'm having a hard time sympathizing with any bankers who may have been taken advantage of by a Moody musician who in his anger may have thought, like the President, that clawing back some of those profits was the best way to hold bankers accountable for the actions that led to America's economic crisis.
If you ask me, it doesn't sound like the bankers in this case conducted appropriate due-diligence, and should hold themselves responsible for their losses. It would also seem to me that a good case could be made based solely upon a judicial double-standard. Why is this singer being criminally-prosecuted when so many bankers who basically did the same thing are only being civilly-prosecuted?
It'll be interesting to see what a jury of his peers decides, and how this case turns out.
Word in the street is that the band's frontman has allegedly put together a formidable defense team to fight the charges. As a matter of fact, someone leaked me this video of their opening argument.