Posted: Jun 17, 2013 8:33 AM by AP/CS
BATON ROUGE, La. (AP) - Two Baton Rouge businessmen are charged with bank fraud in what federal prosecutors say involved over $368,000 in loans they obtained for construction of a fitness center that did not open.
Court records show Matthew Scott Bernard is charged two counts of bank fraud and two counts of false statements to banks. Ronald Joseph Olah Jr. is accused in the same indictment of two counts of bank fraud and two counts of wire fraud.
The indictment was made public June 7.
The Advocate reports that Olah was released on bail but while Bernard was ordered detained until trial.
The indictment alleges Bernard and Olah inflated the value of their personal and business assets to persuade a bank to lend them money for the gym.