Southfield Bank Founder Scott Seligman Linked To Major Fraud Case
Sterling Bank & Trust founder Scott Seligman, a minority owner of the San Francisco Giants, has been implicated in a major fraud case.
Robert Snell of the Detroit News reports that Seligman:
Knew about and provided "encouragement" for a
years-long criminal conspiracy involving a loan program that helped his family
reap a $115 million windfall, according to federal court records.
Seligman has not been charged with wrongdoing, but the
alleged conspiracy surfaced in a new criminal case that follows months of
questions raised in a separate civil lawsuit about money generated by an
initial public offering.
The case described by prosecutors includes details about tax
cheats, money launderers and bank executives engaged in a scheme that
implicates Seligman, 69, the wealthy scion of a prominent Metro Detroit family
active in the sports, art and philanthropic worlds.
The story notes that Seligman and family sold $114.7 million
in shares in an initial offering of the Southfield-based bank in 2017.
Federal prosecutors have charged former Sterling bank
executive YiHou Han with bank and wire fraud conspiracy.
The Seligan Group's motto on its website is: "Family
owned, opportunity driven."
The site notes that Seligman, building on his experience
with both Mid-States Mortgage and the family's growing real estate portfolio,
chartered the Sterling Savings and Loan Association in 1984.
In the late 1990's, Seligman started selling its Michigan
properties and reinvesting capital, developing and purchasing office properties
in Orange County, Calif., the site said. The firm also owns office buildings in
Northern California and Las Vegas, Los Angeles apartments and retail properties
in California, Hawaii, Michigan, Nevada, New Mexico and Virginia.
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