From staff reports OKLAHOMA CITY – A federal grand jury indictment accusing an Oklahoma City man of fraud that cost a bank more than $2 million was unsealed July 12.
Between February and September 2023, Ryan Bloom 34, was the owner and manager of Pathfinder HDD, which provided boring and drilling-related services to oil and gas and public utility companies, and constructed fiber optic communications lines for telecommunications companies.
Pathfinder had a bank account with Valliance Bank during this time. According to the indictment issued in federal district court here, Bloom in February 2023 executed an agreement with Valliance in which Pathfinder was provided a line of credit from the bank secured by its accounts receivable.
It is alleged that Bloom regularly submitted to Valliance invoices and other information regarding what he represented to be Pathfinder’s valid accounts receivable when, in truth, most of the invoices were false and fraudulent.
It is further alleged that Valliance relied on Bloom’s false representations and purchased nearly $3 million of Pathfinder’s purported accounts receivable.
Then, in August 2023, Pathfinder declared bankruptcy. After the bankruptcy was filed, the indictment alleges, Valliance learned that at least $2.3 million worth of purported accounts receivable were fraudulent.
If found guilty, Bloom faces up to 30 years in federal prison and a fine of up to $1 million.