Mississippi man pleads guilty to bank fraud and money laundering conspiracies | USAO-EDLA

NEW ORLEANSRYAN P. MULLEN41, of Jayess, Mississippi, pleaded guilty on March 16, 2022, to one count of conspiracy to commit bank fraud and one count of money laundering before U.S. District Court Judge Jane Triche Milazzo, announcing U.S. Attorney Duane A. Evans.

As the now unsealed indictment charges, MULLEN and a co-conspirator, Duane Dufrene, used fictitious entities, falsified tax returns, fraudulent financial statements and fraudulent appraisals to orchestrate their scheme to defraud lenders for the purchase of a residence in Jayess, MS (State Bank and Trust), The Briars bed and breakfast in Natchez, MS (Keesler Federal Credit Union) and two other Natchez hotels (Red Oak Capital Group, LLC). The sale of the Jayess residence was based on false financial information provided by Dufrene to MULLEN, which then gave it to State Bank and Trust. The sales of The Briars and the two hotels were not only based on false information prepared by Dufrene and remitted to financial institutions by MULLEN but also on inflated valuations based on side sales agreements between MULLEN and Dufrene. After the sales of bed and breakfast and hotel properties, MULLEN paid Dufrene the sum of $90,000. MULLEN pocketed more than $3 million from the overvalued loans and he used the proceeds to buy at least 20 high-end luxury cars, a number of which were seized by the United States.

Conviction for MULLEN is set for July 13, 2022. At that time, he faces a maximum sentence of thirty years for the bank fraud conspiracy, and a maximum sentence of ten years for the money laundering conspiracy. After imprisonment, the defendant faces up to five years of supervised release and a $1,000,000 fine for bank fraud, and up to three years of supervised release and a $250,000 fine for money laundering. . Each chef also carries a mandatory special assessment fee of $100.

US Attorney Evans praised special agents from the Federal Bureau of Investigation and IRS-Criminal Investigation for their handling of the case. The case is being prosecuted by Assistant United States Attorneys Edward J. Rivera and André Lagarde.