LAS VEGAS – A federal jury yesterday convicted a Henderson businessman of obtaining a $7.5 million member business loan from California’s Lockheed FCU, now Logix FCU, under false pretenses and skimming more than $1 million for his personal use.

Brent Lovett, 50, who ran Bay Resorts International, used the MBL proceeds to buy a Las Vegas property for $6 million, which he resold on the same day for $10 million to a company he secretly controlled, according to a prosecutors.  He used $1.3 million of the loan proceeds to make four payments to the credit union, then let the loan go into default and, eventually, foreclosure.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.