A Gardena man is scheduled to be sentenced Feb. 22 for defrauding non-bank lenders to obtain loans, resulting in at least $550,000 in losses.

Troy Stroud, 53, pleaded guilty Monday in Los Angeles federal court to one count of conspiracy to commit wire fraud, which carries a sentence of up to 20 years in prison, according to FBI spokeswoman Laura Eimiller.

Over the course of several years and continuing through May, Stroud defrauded non-bank lenders by supplying them with false information to obtain loans, according to his plea agreement.

Stroud created a number of corporations that purported to be in business, but, in fact, were not. He then conducted a series of transfers from bank accounts in some of his corporations’ names to accounts held in other names to make it appear that the companies were engaging in business. He then paid others to pretend to be officers of his corporations and used those purported officers’ names to apply online for corporate business loans, falsely reporting that the corporations had substantial revenues, when they had none.

When Stroud received the loan proceeds, he used them to pay for his personal expenses and defaulted on the loans immediately, or after one or two payments, Eimiller said.

The non-bank victim lenders, which oftentimes have less stringent underwriting guidelines and may be more susceptible to fraud, lost at least $550,000, Stroud admitted in his plea agreement.

Stroud was arrested in Gardena in May, and evidence recovered following his arrest indicated that he was planning to commit additional fraud, according to the FBI.

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