Feds Say Furniture Boss Defrauded Banks

MANHATTAN (CN) - Federal prosecutors on Monday arrested and the owner of a furniture company and unsealed an indictment accusing him of defrauding four banks that provided Woodkraft International with $2.1 million in loans and credit. Bill Suri aka David Miller, 66, is charged with bank fraud and conspiracy.

If convicted, Miller, of New York, N.Y., faces up to 30 years in prison and stiff fines for each count. He allegedly defrauded Citibank, Wachovia, North Fork, and HSBC banks by submitting phony paperwork.

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