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Is it illegal to secure multiple loans from different banks using one asset?
Wiki User
∙ 13y ago
Yes, if the value of the loans exceed that of the asset being used for security.
For example, if you secure loans using your investment account and you have $200,000 in securities within that account, it is NOT illegal to secure four loans of $50,000 with that asset because the asset is large enough to provide the backstop for the loans.
However, if you secure four loans of $100,000 using the $200,000 asset, you are committing fraud (because you knowingly misrepresent the claims on the asset).
Wiki User
∙ 13y ago
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