A federal grand jury indictment was unsealed charging Ryan Bloom, 34, of Oklahoma City, with bank fraud, announced U.S. Attorney Robert J. Troester.
Between February and September 2023, Bloom was the owner and manager of Pathfinder HDD, LLC, which provided boring and drilling-related services to oil and gas and public utility companies and constructed fibre optic communications lines for telecommunications companies. Pathfinder had a bank account with Valliance Bank during this time.
According to the Indictment, in February 2023, Bloom 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 $3,000,000 of Pathfinder’s purported accounts receivable. Then, in August 2023, Pathfinder declared bankruptcy.
After the bankruptcy was filed, the indictment alleged Valliance learned that at least $2,300,000 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 $1,000,000. The public is reminded this charge is merely an allegation, and that the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.
