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Former Frederick businessman’s $50 million bank fraud trial beginsThe trial of a formerly Frederick-based businessman accused of a $50 million bank fraud started Monday in Baltimore.The trial of Mark Gaver on eight counts of bank fraud and two counts of money laundering is scheduled for two weeks in U.S. District Court for the District of Maryland in Baltimore. Gaver, the owner and president of Gaver Technologies, faces a possible sentence of up to 260 years in prison.Prosecutors accuse Gaver of falsely obtaining $50 million in credit from Santander Bank while operating Gaver Technologies in Frederick. Gaver is accused of lying on reports to the bank by claiming his comp any had secured contracts with multiple federal government agencies.Most of the allegedly falsely obtained funds were used for the business. But prosecutors also accuse Gaver of spending more than $700,000 on vacations to St. Maarten, France, Germany, Mexico, Jamaica and the Bahamas.Gaver, who now lives in Bonita Springs, Florida, was arrested Nov. 15 and has been held while awaiting trial. The trial is scheduled to last until Aug. 3.Gaver is also the defendant in an ongoing lawsuit brought by Santander Bank for fraud and breach of contract.— Cameron Dodd
Newspaper Details
The Frederick News Post
Frederick, Maryland, US
Tue, Jul 24, 2018
Page 8
Full Page
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USA 19 May 2025
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