Hidden assets siezed

A businessman gave money to his sister to hide the funds in her bank account because “Wells Fargo might be conducting an asset search on us to try and recover the judgments. Just transfer what is needed to pay bills as they arrive.”

They owed Wells Fargo Bank approximately $1.1 million in outstanding loans. In this role, Borer allegedly received a $1.1 million payment related to a judgment from a Honduran court, and hid that with his sister.

U.S. Attorney Lelling’s office said in a release “Wells Fargo would not have settled for $50,000 had it known that Borer’s brother and then-wife had received $486,000 in cash from the Honduran judgment.”

 

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