Damian Williams, the United States Attorney for the Southern District of New York, announced that ELLIOT SMERLING pled guilty today to a bank fraud scheme that caused the issuance of approximately $140 million in collateralized loans on the basis of forged documents, including subscription agreements from purported limited partners, audit letters attesting to his private equity firm’s finances, and falsified bank account statements.  SMERLING also pled guilty to securities fraud in connection with his solicitation of investments in his private equity funds through materially false and misleading statements.  SMERLING pled guilty before U.S. District Judge Denise L. Cote, to whom his case is assigned.

U.S. Attorney Damian Williams said: “As he admitted today, Elliot Smerling used false documents and deceit to obtain over $100 million in fraudulent loans on behalf of his private equity funds. This Office is committed to protecting the integrity of the U.S. financial system, and going after fraudsters who seek to manipulate it for their personal gain. Thanks to our valued partners at the FBI, Smerling now awaits sentencing for his crimes.”

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