News - State
La. businessman charged with defrauding bank
Posted: Dec 28, 2012 3:09 AM by AP/CS
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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