Covington contractor pleads guilty in loan case
NEW ORLEANS - A 40-year-old Covington contractor pleaded guilty in federal court to filing false records with a bank to obtain a $3.45 million loan.
Raymond Grow III pleaded guilty Wednesday to one count of making a false statement in his loan application to First American Bank and Trust on behalf of his company.
Sentencing is set for July 31.
Prosecutors say Grow applied for the loan to develop 22 acres of La. 22 in Ponchatoula, called The Landing subdivision, and the loan was approved May 10, 2006.
Grow allegedly provided the bank with a bogus letter from the Army Corps of Engineers that claimed only a small percentage of wetlands existed on the land he wanted to develop.
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