AUGUSTA (WJBF) – An Augusta man has been convicted of fraud by a federal jury who found he committed fraud when he borrowed nearly $3 million to refinance an Augusta apartment complex, and then filed for bankruptcy protection when facing foreclosure.

Jerome Walter Kiggundu, 37, the managing member of Nakaddu LLC, AKA Kiggun Properties LLC, was found guilty on charges of Bank Fraud, Bankruptcy Fraud, and False Statements Under Oath.

Kiggundu faces a sentence of up to 30 years in prison.

Kiggundu borrowed $2,831,250 from a mortgage lender in March 2019 by submitting fraudulent bank statements to falsely claim that his company had an average monthly operating balance of approximately $100,000.

His account actually had an average of about $500 during this period.

He also submitted a false personal financial statement overstating his net worth and assets to qualify for the loan.   

When the scheme started to unravel, Kiggundu filed for bankruptcy protection under Chapter 11 in an attempt to avoid foreclosure by the lender.

Kiggundu then doubled down on his scheme and submitted another set of fake bank statements in his bankruptcy to conceal his bank fraud and cover his tracks.

He also lied under oath about his finances when questioned by employees of the United States Trustee Program.