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2004-06-15T00:00:00.000Z

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North Palm Beach

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Web References (6 Total References)


Year's fraud recaps remind locals, 'Buyer beware'

www.palmbeachpost.com [cached]

Eduardo Godoy, former vice president of Advantage Bank in North Palm Beach, faces sentencing after pleading guilty to loan fraud, money laundering and mail fraud.

Godoy collected personal bank loans of about $1 million by pledging investments that didn't exist.Godoy hid the proceeds by buying stock in his parents' names.
• Workers compensation fraud.
The owner of a North Palm Beach painting contractor was arrested in April on a grand theft charge after he allegedly lied about his payroll to avoid paying workers compensation insurance premiums.


Fla. CFO Releases Annual Top 10 Fraud List

www.insurancejournal.com [cached]

* Rolling the Dough- Eduardo Godoy, former vice president of Advantage Bank in North Palm Beach, is facing sentencing in July after pleading guilty to loan fraud, money laundering and mail fraud.Godoy collected personal bank loans of about $1 million by pledging fraudulent investment statements.The pledged investments did not exist.Godoy reportedly laundered the loan money by purchasing stock in his parents' names.

* Painting the Wrong Picture- The owner of a North Palm Beach painting company was arrested in April on a grand theft charge after he allegedly lied about his payroll to avoid paying workers' compensation premiums.Investigators said that the owner of All Brothers' Painting Inc., intentionally failed to disclose the payment of more than $537,000 to uninsured subcontractors.As a result, he reportedly avoided paying nearly $100,000 in workers' comp premiums.Investigators said he was even present at a policy year-end audit and failed to reveal the payments.


Florida Insurance Council

www.flains.org [cached]

Rolling the Dough - Eduardo Godoy, former vice president of Advantage Bank in North Palm Beach, is facing sentencing in July after pleading guilty to loan fraud, money laundering and mail fraud.Godoy collected personal bank loans of about $1 million by pledging fraudulent investment statements.The pledged investments did not exist.Godoy laundered the loan money by purchasing stock in his parents' names.

Painting the Wrong Picture -The owner of a North Palm Beach painting company was arrested in April on a grand theft charge after he allegedly lied about his payroll to avoid paying workers' compensation premiums.Investigators said that the owner of All Brothers' Painting, Inc., intentionally failed to disclose the payment of more than $537,000 to uninsured subcontractors.As a result, he avoided paying nearly $100,000 in workers' compensation premiums.Investigators said he was even present at a policy year-end audit and failed to reveal the payments.


Media Release

www.fldfs.com [cached]

MIAMI--Marcos Daniel Jimenez, United States Attorney for the Southern District of Florida; Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, and Don B. Saxon, Director, State of Florida, Office of Financial Regulation announced today that a federal grand jury indicted Eduardo Godoy, former Vice-President of Advantage Bank in North Palm Beach, Florida.

...
Godoy is scheduled for an initial appearance in federal court in West Palm Beach on Monday, March 8, 2004 at 10:00 a.m.
As alleged in the indictment, in May 2001, Godoy, while he was a Vice-President of Advantage Bank, spoke to a client of an investment firm known as Pheonix Financial and confirmed that Pheonix had purchased on her behalf a $1 million certificate of deposit held overseas by Advantage Bank, when no such CD existed.The indictment also alleges that in October 2001, Godoy received approximately $1 million in personal bank loans by pledging fraudulent investment statements from Pheonix.The statements were false in that they showed Godoy maintaining over $800,000 in non-existent investments.The indictment further alleges that Godoy laundered the loan money he received by using it to purchase stock in the names of his parents in a company called American Ammunition.


FLOFR Press Release - 03/08/2004 - FORMER BANK VICE PRESIDENT INDICTED IN FRAUD SCHEME

www.flofr.com [cached]

MIAMI--Marcos Daniel Jimenez, United States Attorney for the Southern District of Florida; Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, and Don B. Saxon, Director, State of Florida, Office of Financial Regulation announced today that a federal grand jury indicted Eduardo Godoy, former Vice-President of Advantage Bank in North Palm Beach, Florida.

...
Godoy is scheduled for an initial appearance in federal court in West Palm Beach on Monday, March 8, 2004 at 10:00 a.m.
As alleged in the indictment, in May 2001, Godoy, while he was a Vice-President of Advantage Bank, spoke to a client of an investment firm known as Pheonix Financial and confirmed that Pheonix had purchased on her behalf a $1 million certificate of deposit held overseas by Advantage Bank, when no such CD existed. The indictment also alleges that in October 2001, Godoy received approximately $1 million in personal bank loans by pledging fraudulent investment statements from Pheonix. The statements were false in that they showed Godoy maintaining over $800,000 in non-existent investments. The indictment further alleges that Godoy laundered the loan money he received by using it to purchase stock in the names of his parents in a company called American Ammunition.

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