ST. LOUIS– Two people have been indicted here on charges related to alleged crimes against three credit unions. A federal grand jury here has indicted Wendell Bryant, 43, and Ciera Moreland, 34, on one count of bank fraud conspiracy and Bryant on one count of bank fraud.
According to the indictment, beginning in or around September 2019 and ending in or around November 2019, Bryant and Moreland conspired with each other to defraud three CUs by submitting fraudulent vehicle loan applications. Bryant and Moreland obtained loans from the financial institutions to purchase vehicles that were not in the custody or control of auto dealer STL Power Motors, operated by Bryant.
“Moreland submitted loan applications to Neighbors Credit Union, Together Credit Union, and Vantage Credit Union, including false and fraudulent income verification. Bryant would then fax automobile purchase orders to the financial institutions for vehicles that were not in the possession of STL Power Motors,” the Department of Justice alleged.
Once Moreland obtained the loan proceeds from the credit unions, the funds were dispersed between Bryant and Moreland, according to the indictment.
Bank fraud carries a maximum punishment of 30 years in prison and a fine of up to $1 million. The same penalties apply to conspiracy to commit bank fraud, DoJ noted.