Man takes 250 fraudulent student loans and tells court they’re punishing him for making money

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Elliot Sterling must be a record holder with over 250 student loans which he has claimed on behalf of various fictitious students and applicants. Yet instead of using the loans to further his education, Sterling had other plans that have now landed him in real trouble as he faces 15 counts of financial aid fraud, electronic fraud and money laundering.

Student loans are grossly misused

The 250 loans totaled $1.4 million in federal financial aid for educational purposes. Prosecutors detailed Sterling’s scam and said he used false documents to enroll people in classes at Baton Rouge Community College, then used those applications to claim the loans – on behalf of real or fictitious students .

Special Agent of the Office of Inspector General of the Ministry of Education Edd Cole reaffirmed the department’s commitment to combating fraud in student financial aid. The BRCC was first informed of the fraud by the FBI who received a tip from BankMobile, informing the federal authorities that a possible fraud was in progress.

The man then went on a gambling spree, with at least $256,000 of that money, visiting properties in several states, including Nevada and Pennsylvania. Sterling has already faced a jury of his peers who found him guilty on all 15 counts.

Sterling’s charm offensive led to dozens of fake deposits on behalf of students who were neither qualified nor interested in a college career. Some were even incarcerated at the time of the request. He even paid people to pose as college students he was targeting with his scam applications.

Many frauds and many victims

He even asked real students to apply for loans which he then claimed on their behalf. It has emerged that prosecutor Rene Salomon has said the taxpayer and fellow students will now have to pay for Sterling’s shenanigans and manipulations.

Prosecutors say Sterling also got a $90,000 COVID-19 support loan — he was also found guilty of that. Federal investigators were able to recover some $422,600 from Sterling after his arrest. Sterling will hear his final verdict on July 7.

Sterling has elected to represent himself in court even though he is not qualified to do so. He simply declared that he was innocent and that the court was punishing him for finding a way to make money. A total of 172 students who had applied to BRCC had failed or dropped out of courses related to Sterling’s fraud.

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