New Orleans area business owner federally charged in First NBC fraud scheme

Jeffrey Dunlap could plead guilty to a charge of conspiring to defraud the bank.
Jeffrey Dunlap could plead guilty to a charge of conspiring to defraud the bank.(
Updated: Jun. 16, 2020 at 1:46 PM CDT
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NEW ORLEANS (WVUE) - The U.S. Attorney’s Office charged a business owner with conspiring to work with a former First NBC Bank president to defraud the company.

Arvind “Mike” Vira, 74, a resident of New Orleans, was charged Tuesday with conspiracy to defraud First NBC Bank, the New Orleans-based bank that failed in April 2017.

Federal prosecutors allege from in or around April 2010 through April 2017, Vira had a banking relationship with First NBC Bank, individually and through his companies.

During that time, they said he received beneficial interest rates on savings accounts, checking accounts, and loans.

The unidentified bank president acted as his loan officer, prosecutors said.

Vira allegedly agreed to keep these loans to the bank president concealed from employees of First NBC Bank at the direction of the bank president. He allegedly concealed this relationship from others at First NBC Bank and from Federal Deposit Insurance Corporation examiners.

The bill of information also stated at the direction of the bank president, Vira inflated his own assets on financial statements that he submitted to First NBC Bank in support of his loans. As a result, the defendant and bank president were able to defraud First NBC Bank by using nominee loans to funnel money without bank or regulatory scrutiny, prosecutors said.

Vira is charged with one count of conspiracy to commit bank fraud, in violation of Title 18, United States Code, Sections 371 and 1344. The maximum penalties that may be imposed upon conviction are five years in prison, a $250,000.00 fine, up to three years of supervised release, and a mandatory $100 special assessment.

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