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Former businessman charged in $50M fraud caseBy KELSI LOOSklo osp newspost.comA former Frederick businessman was charged with fraudulently obtaining 550 million in bank loans for the business, according to federal prosecutors.Mark Ian Gaver, 56, of Bonita Springs, Florida, was charged with eight counts of bank fraud and twocounts of money laundering after officials say he submitted false financial documents to Santander Bank to get ever larger lines of credit for Gaver Technologies, a Frederick-based information technology company he formed in 1998.Based on false financial records presented to the bank between November 2008 and April 2016, prosecutors said, Gaver got $50 million in financing for the company.Santander initially approved an $18.5 million line of credit for the business in August 2009, according to the indictment. The bank agreed to increase the line of credit eight times between March 2010 and March 2016, to a final total of $50 million.Each request required Gaver Technologies to submit documents about its financial condition including audited financial statements, quarterly balance sheets and other records.The indictment accuses Gaver of submitting Quarter Contract Status Reports to Santander between August 2009 and December 2016 that falsely claimed GTI had secured contracts with federal government agencies such as the Bureau of Alcohol,(See CHARGED A6)
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The Frederick News Post
Frederick, Maryland, US
Wed, Dec 06, 2017
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USA 19 May 2025
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