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Dec 28, 2012 4:09 AM by AP/CS

La. businessman charged with defrauding bank

NEW ORLEANS (AP) - The owner of a Covington development and construction company has been charged with fraudulently obtaining a multimillion-dollar bank loan.

Raymond Grow II, owner and operator of Masters Built Construction LLC, was charged Wednesday in federal court with one count of making a false statement to a bank.

A court filing says Grow's company obtained a $3.4 million loan from First American Bank to pay for building a subdivision on a 22-acre parcel of property in Ponchatoula.

Grow allegedly provided the bank with a bogus letter from the Army Corps of Engineers that claimed only a small percentage of wetlands existed on the land he wanted to develop.

Grow is scheduled to be arraigned on Jan. 31.

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