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Southwest Georgia man charged in loan fraud scheme

ALBANY — Southeastern Farm Brokers owner Joseph W. “Wiley” Jordan has been indicted by a federal grand jury on five counts of fraud in a loan and bribery scheme that authorities say involved a former loan officer from Southwest Georgia Farm Credit (SWGFC) in Bainbridge.

The Grand Jury indictment, obtained by The Albany Herald, charges that Jordan borrowed approximately $3,453,000 from June 2007 to January 2008.

Larry Malone, who pleaded guilty to fraud charges last October, was the chief lending officer at SWGFC at the time, and the indictment charges that from February to September of 2007, SWGFC also paid Jordan $36,500 for referring new borrowers to SWGFC.

The indictment contends that over that period “Jordan did combine, conspire, confederate, agree and have a tacit understanding with Larry Malone, not charged herein; to knowingly and corruptly give, offer and promise anything of value to any person with intent to influence and reward an officer, director, employee and agent of a financial institution in connection with any business transaction of such institution.”

“It was the object of the conspiracy to obtain funds from SWGFC by fraud and to divert the proceeds to the conspirators,” the indictment reads.

Malone pleaded guilty to federal charges of conspiracy to commit bank fraud and receipt of gifts or commissions for procuring a loan.

Those charges stemmed from a $50,000 bribe Malone accepted from co-conspirators Chris Cadenhead, Jackie T. Fair, Jane M. McDonald and Randolph “Randy” Branham, all from Florida, who were indicted on fraud charges in the same case.

In addition to Malone, Cadenhead, Fair and McDonald also pleaded guilty, while Branham was convicted in December. All five are currently awaiting sentencing.

In the same manner as the Florida case, the indictment charges Jordan with applying for and receiving loans from SWGFC and receiving money for new borrower referral fees, then writing personal checks to Malone.

In the indictment, Jordan would typically receive large loans from SWGFC, some as large as $200,000, then pay Malone $25,000.

If convicted Jordan could face a maximum of 30 years in prison.

The federal case number is 1:12-CR-2-WLS.

Comments

DoctorDorite 2 years, 6 months ago

This is just the tip of the ice-berg, its going to spread thru S.W Ga. like a wildfire soon !

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waltspecht 2 years, 6 months ago

Wonder how much of the money is retrievable? Probably in some Safe Haven like their wife's name or Off-Shore.

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chinaberry25 2 years, 6 months ago

We have had dealings with Wiley years ago and he was always hard to get money out of. Quit fooling with him because of that. But I can truly say, Wiley will not do well in prison. Like to big hog it too much and guess some of the funds paid for his son's fancy house that appeared in the Albany magazine last year.

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burkem 2 years, 5 months ago

can you tell me the name of that magazine and perhaps it's date?

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Amazed2 2 years, 6 months ago

Yea Wiley always wants to act like a High Roller but looks likes he has been rolling somebody elses silver dollars.

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Amazed2 2 years, 6 months ago

I think we need to change the name of Albany to Scamville and the county from Dougherty to Fraudville.

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Amazed2 2 years, 6 months ago

Well at least now we have diversity. We are a City of opportunity for all races.

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Amazed2 2 years, 6 months ago

I just read a news story on WALB about all the New Housing starts happening in LEE COUNTY!!!!! Wonder why that could be happening????????????????/

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agirl_25 2 years, 6 months ago

Do you think this man will actually be prosecuted? This is a federal crime, right? I wonder if his good old boy pals will get the federal charged dropped or reduced to lesser ones. I have never seen so many crooks in an area as I have in Southwest Georgia. And by gosh I must say I am proud to see there is NO discrimination...black and white alike..kind of makes one proud, huh? We are truly equal opportunity for all crooks so come one come all. Too bad someone can't make some sort of a Family Tree for Crooks of SOWEGA tho so we can see how so many are related to one another.

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agirl_25 2 years, 6 months ago

By the way, if this is the same fellow who poisoned the eggs a few years back on some plantation, does anyone remember if he received any punishment for it or not? I saw the report on the channel 10 news the other night about it but even tho they mentioned it they never said if he was punished for it. He sure has an appetite for trouble huh?

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