Michael “Sean” Davis, 43, Crestview, Florida, has been indicted by a federal grand jury and charged with nine felony counts for allegedly orchestrating short sales from Bank of America by causing the submission of false documents in real estate closings.
The indictment alleges that Davis, while the president of Premier Community Bank of the Emerald Coast, devised a scheme to defraud and fraudulently obtain money and property from Premier Community Bank, Bank of America, and Beach Community Bank, all of which were federally insured. As a part of the scheme, it is alleged that Davis orchestrated short sales from Bank of America by causing the submission of false documents in real estate closings.
The indictment also alleges that Davis, through his company MSD Investments, received funds from loans he authorized and approved as president of Premier Community Bank.
Davis had his arraignment before Magistrate Judge Elizabeth M. Timothy at the United States Courthouse in Pensacola, Florida. The trial is scheduled for Monday, January 5, 2015, before Chief United States District Court Judge M. Casey Rodgers.
The nine felony counts included one count of conspiracy to commit bank fraud and/or mail fraud affecting a financial institution, one count of conspiracy to commit money laundering, four counts of false statement to a federally insured institution, two counts of fraudulently benefiting from a loan by a federally insured institution, and one count of money laundering.
The indictment was announced by Pamela C. Marsh, United States Attorney for the Northern District of Florida.
The case is being investigated by IRS Criminal Investigation with assistance from the Federal Deposit Insurance Corporation’s Office of Inspector General, the Okaloosa County Sheriff’s Office as part of the Northwest Florida Financial Crimes Task Force, and the U.S. Treasury Department’s Special Inspector General for the Troubled Asset Relief Program. This case is being prosecuted by Assistant United States Attorney Tiffany H. Eggers.