La. businessman charged with defrauding bank - FOX 8 WVUE New Orleans News, Weather, Sports

La. businessman charged with defrauding bank

Updated:

NEW ORLEANS (AP) - The owner of a Covington development and construction company has been charged with fraudulently obtaining a multimillion-dollar bank loan. 

Raymond Grow II, owner and operator of Masters Built Construction LLC, was charged Wednesday in federal court with one count of making a false statement to a bank. 

A court filing says Grow's company obtained a $3.4 million loan from First American Bank to pay for building a subdivision on a 22-acre parcel of property in Ponchatoula. 

Grow allegedly provided the bank with a bogus letter from the Army Corps of Engineers that claimed only a small percentage of wetlands existed on the land he wanted to develop. 

Grow is scheduled to be arraigned on Jan. 31.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow

Fox 8 WVUE-TV
Louisiana Media Company, LLC.
1025 S. Jefferson Davis Parkway
New Orleans, LA 70125

General Number: (504) 486-6161
News Tips: (504) 483-1503
News Room Fax: (504) 483-1543

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WVUE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.