Deception Runs Deeper
By August 2021, Coleman was already millions in debt to his first lender. Desperate for cash, he approached a second lender and secured $47.6 million by claiming that liens against his assets had been cleared.
“In truth, all four liens were still in place,” prosecutors said, noting Coleman also falsified other key documents to convince the lender to proceed. Of that second loan, just $10.9 million went toward an insurance company acquisition; the remaining $36.8 million was used to prop up unrelated debts and obligations.
Government Sought Stiffer Penalty
Prosecutors initially pushed for a harsher sentence of up to 63 months, citing the scale and deception of the fraud. Still, Judge Hodge ordered restitution and supervised release in addition to the four-year prison term.
Coleman was represented by Jenny Kramer of Alston & Bird LLP. Counsel did not immediately respond to requests for comment.
The sentence closes a case the U.S. attorney’s office said epitomizes financial deceit: a fraud fueled by forged documents, fabricated assurances, and a trail of creditors left in ruins.
