A federal judge in Atlanta has dismissed a whistleblower action against a lending company accused of defrauding the Small Business Administration through improper loans to Gulf Coast shrimp boat operators.
The case was brought on behalf of the U.S. government by New York investment firm Greenlight Capital and Dallas private investor James Brickman. They alleged that New York-based Business Loan Express was approving shrimp boat loans-loans largely guaranteed by the SBA-without following SBA loan procedures and safeguards such as verifying how the money was used and ensuring that borrowers were risking their own capital.
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