My friend took out an SBA(small business association?) Loan a couple months back and hasn't made any payments on it. Thing is, he did it through a "broker" and he kinda took out a loan from a business that doesn't really exist, I guess he used a "loophole" or something. At any rate, what are the consequences? He already obviously expects to have his credit ruined, but any other penalties? He's done with banks and loans and houses, just wants to get away from everything, doesn't care about his credit anymore. He's worried he might get arrested though or be stopped at the airport, can this happen?
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My god this is bank fraud!!!!!!!!!!! Its a federal crime that carries 30 years in prison and a $1,000,000 fine. He not just done with banks, loans and houses, he's done with his life. He needs to get a lawyer now and turn him self in. Trust me he will be getting away from everthing for a long time.