Man pleaded guilty for bank fraud by overstating his income

Robert Packnett, 47, New Orleans, Louisiana, pled guilty as charged before the U.S. District Judge Carl J. Barbier to a bill of information charging him with one count of bank fraud. According to court documents, Packnett was the owner of numerous residential properties throughout New Orleans. From July 2011 through March 2012, Packnett applied for at least 6 mortgages, refinanced mortgages, and commercial lines of credit from First NBC Bank for various properties. As part of the application process, Packnett had to detail his income so First NBC could determine whether he was a candidate for a refinanced mortgage and, if so, the interest rate for which he qualified. On all of his applications Packnett overstated the amount of rental income he received from his properties. In some cases, Packnett simply overstated the amount he received in rent. In others, he claimed that he was receiving rental income from properties when the properties were actually vacant. As a result of the false statements on just one of the applications to refinance his primary residence, Packnett received approximately $256,000 to which he was not entitled. Packnett faces a maximum penalty of 30 years, followed by up to 5 years of supervised release, and a $250,000 fine. Sentencing in this matter has been scheduled for October 4, 2013, at 9:30 a.m.