The US government has criminally charged a California real estate investor at the center of what multiple regional banks allege is a sprawling fraud scheme involving nearly $100 million in losses to Western Alliance Bancorp alone.
The charges stem from allegations that a group of investors, including Gerald Marcil, Andrew Stupin, and Deba Shyam, systematically misled lenders with falsified title documents, misleading collateral information, and diverted loan proceeds.
A tangled web of lawsuits and bankruptcies
Western Alliance Bancorp filed its lawsuit in August 2025, alleging the investor group collectively owes the bank approximately $100 million. The complaint accused the defendants of falsifying documents and improperly handling collateral.
Zions Bancorporation followed with its own suit around October 15, 2025, targeting guarantors including Marcil and Stupin for more than $60 million in soured loans.
