Edward G. Mawhinney

Boyertown, PA: (Apr-11-07) National Penn filed a civil lawsuit against Edward G. Mawhinney, a former loan officer with National Penn's private banking division in Philadelphia in January 2005, after they discovered that the Sewell, NJ, resident was stealing money from National Penn Bank through a fraudulent loan scheme. It was discovered that Mawhinney, his wife Jayne, and other employees and customers stole approximately $6.7 million via a four-year fraudulent loan scheme that began in 2001. The pyramid-style scheme was discovered after Mawhinney had left National Penn and accepted a job with Sovereign Bank. The bank accepted a $3.5 million settlement from one of the parties listed in the fraud-related civil lawsuit in late 2005. Mawhinney was sentenced to a 45-month prison term, six months in-house detention and six years probation, as well as pay restitution of $540,000 in addition to $150,000 he has already paid. [POTTS TOWN MERCURY: LOAN SCHEME]

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Published on Apr-18-07