Alberto Solaroli Indicted for Bank Fraud Over Loan Tied to One Bank & Trust

by George Waldon  on Friday, Nov. 15, 2013 10:41 am  

Alberto Solaroli

Alberto Solaroli, 59, of JacksonvilleFla., was indicted on one count of bank fraud in connection with an April 2007 loan from One Bank & Trust of Little Rock.

The indictment, unsealed yesterday, seeks $1.5 million in forfeiture, and a warrant has been issued for Solaroli's arrest.

Arkansas Business examined his relationship with One Bank as part of a Sept. 9 article.

According to the U.S. Attorney's Office, Solaroli provided a false financial statement to One Bank to obtain a $1.5 million loan.

Solaroli, a Canadian citizen, purported to be the owner of patents for technology related to a more efficient combustion engine. While living and working in Florida, he borrowed $1.5 million, via a personal line of credit, from One Bank in April 2007.

He was approved for the loan based on financial statement he signed that claimed assets of $170.9 million and a net worth of more than $169 million. According to the Indictment, Solaroli falsified the nature and scope of his assets, the value of his assets, and his overall personal net worth.

As a result of his sworn financial statement, Solaroli received a one-year line of credit that he took within the first month of the loan approval, with more than $900,000 paid to Porche Motorsport, N.A.

Solaroli never made a single payment on the loan causing One Bank to sue him. In 2008, The bank received a civil judgment in Florida for $1.5 million that Solarioli has not paid.

Last week, Matthew Daniel Sweet of Timbo, a former vice president and controller at One Bank, was indicted on 30 counts of bank fraud and 30 counts of money laundering

Arkansas Business first reported on Sweet on Aug. 5, naming him as "former employee B" in the July 12 forfeiture action against assets seized from Layton "Scooter" Stuart, former chairman, president and CEO of the bank.

 

 

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