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Four Executives Plead Guilty to Fraud Scheme that Caused Over $4.5 Million in Losses to the Small Business Administration

12/01/2021 12:00 AM EST

Three former executives of Valley Bank, a defunct financial institution based in Moline, Illinois, and the President of Vital Financial Services (Vital Financial), a lending service provider, have pleaded guilty to scheming to defraud the Small Business Administration (SBA) in connection with its programs to guarantee loans made to small businesses.

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