Professor Elam

Thursday Nov 12, 2020

Ron Schroeder and others have been arrested in a $13 M factoring fraud scheme.

Schroeder was a bank President. He manufactured invoices and the bank loaned money against them.  He and his conspirators used teh money for their own purposes.

Here is the weak bank response. Does this inspire your confidence that they won't be bilked again?

“This is a ‘one-off,’ isolated event, and we have a $10 million insurance policy to indemnify our bank from this loss,” stated J. Bruce Bugg Jr., chairman of the board of The Bank of San Antonio.