Three Newport Beach residents have been charged in connection with an alleged fraud scheme that led to more than $20 million in losses for several lending institutions, federal prosecutors announced Wednesday.
Newport Beach residents Kirk McMahan, 31, who worked for Brickbanc; James Breedlove, 51, who worked for Santa Fe Equipment; and Troy Worrell, 47, who worked for Piniche, were among nearly two dozen Southern Californians involved in the scheme, prosecutors said.
The charges stem from an FBI investigation dubbed “Operation Lease Fleece,” in which the accused allegedly made lenders believe they were financing equipment leases.
