Sunday, May 20, 2012

CCSO report: Deputy fired for lying on loan application in 2007, JP Morgan Chase won't file charges

COLLIER COUNTY, Fla. - A Collier County deputy is out a job after investigators say he lied about his income to land $2.2 million to buy a house.

According to an internal affairs report, Cpl. Michael Kovar applied for a loan from JP Morgan Chase in 2007. The application said Kovar made his sheriff's office salary, plus $510,000 from a business on the side, the report says.

Kovar told investigators that second business only made $88,000 a year, but he got the multi-million dollar loan anyway.

The report says Kovar used the money to purchase a property in the hopes of "flipping it." Investigators say he ended up defaulting in excess of $500,000.

He was dismissed in March for "unlawful or improper conduct" and "failing to pay just debts."

Ken Engler, with Brentwood Loans, says Kovar's story is one he's heard many times before. He says around the time Kovar got the loan, money was given more freely.

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