Legal / Fraud

C&J Leasing Owner Sentenced in Fraud Against Frontier Leasing

Clarence Allen Rice, owner of C&J Leasing, was sentenced to 70 months in prison for wire fraud in connection with a complex $8 million scheme against Frontier Leasing, according to documents from the U.S. District Court in the Southern District of Iowa. read more

Sentencing Delayed Until May for Five EFI Participants

The sentencing of five participants in the Equipment Finance loan fraud has been delayed until May 2012 at the request of a newly assigned assistant U.S. attorney in the case, according to recently filed court documents. read more

Le-Nature's CEO Appeals Sentence; Attorney Seeks to Withdraw

The Pittsburgh Post-Gazette reported that former Le-Nature's CEO Gregory J. Podlucky has appealed his 20-year sentence for mail fraud, tax evasion and money laundering, and his attorney petitioned the court to withdraw from the case. read more

TARP Fraud Results in Prison Sentences

A U.S. District Judge sentenced Thomas Hebble, former EVP of Orion Bank; Angel Guerzon, former SVP of Orion Bank; and Francesco Mileto, a former Orion Bank borrower, to federal prison for misleading regulators that the bank was in a better capital position than it actually was. read more

Former Le-Nature's CEO Owes $661MM in Restitution

The Pittsburgh Post-Gazette, citing an order from the U.S. District Judge, reported that Gregory J. Podlucky, former CEO of Le-Nature's, owes as much as $661 million in restitution to lenders and investors hurt by the 2006 collapse of the beverage maker. read more

Former Le-Nature's CEO Sentenced to 20 Years for Fraud

The Pittsburgh Post-Gazette reported that former Le-Nature's CEO Gregory J. Podlucky was sentenced to 20 years in prison for financial fraud that a judge said bilked investors and lenders out of more than $6.8 million. read more

First Sound Bank Seeks Delay in Puget Sound Leasing Award

The Seattle Times reported that a verdict by a jury, which requires First Sound Bank to pay $2.3 million to the former owners of Puget Sound Leasing, is causing additional stress on the bank, which is currently under scrutiny by the FDIC. read more

Ares Capital Increases Funding Facility to $500 Million

Ares Capital announced its subsidiary, Ares Capital CP Funding, increased its revolving funding facility provided by Wells Fargo Bank from $400 million to $500 million. read more

Wells Fargo, BDO Seidman Settle Le-Nature's Suits for $130 Million

Bloomberg reported Wells Fargo's Wachovia Capital Markets unit and BDO Seidman LLP settled lawsuits over their roles in the collapse of Le-Nature’s for $130 million. read more

Co-Conspirator Pleads Guilty in $135MM Equipment Lease Scheme

The owner of a purported medical equipment company, Donner Medical Marketing, pleaded guilty in connection with his role in a $135 million phony medical equipment lease scheme, U.S. Attorney Paul J. Fishman announced. read more

Machine Tool Maker Files Bankruptcy; Owes Utica LeaseCo $1.2MM

New Hampshire-based machine tool maker Kingsbury has filed for Chapter 11 bankruptcy seeking to reorganize after facing the potential repossession and auction of its equipment. Court filings show that Utica LeaseCo is owed $1.26 million in principal, interest and late charges. read more

CitiCapital Lawsuit Creates Issues for City of Burlington

The Burlington Free Press outlines many of the issues facing the city of Burlington, VT that could result from a lawsuit filed by CitiCapital Municipal Finance against the city for non-appropriation and unwillingness to de-install and return leased telecom equipment. read more

Le-Nature's Former CEO Seeks to Reduce Plea Deal Sentence

The Pittsburgh Post-Gazette reports that former Le-Nature's CEO Gregory J. Podlucky has asked the court for a prison sentence shorter than that negotiated as part of his June 20 guilty plea. read more

Former Central Leasing CFO Pleads Guilty to Wire Fraud

The Houston Chronicle reports that Barry A. Thomas, former CFO of Central Leasing Corp., has pleaded guilty in federal court to wire fraud in a $1.2 million embezzlement scheme. read more

Delay Granted in EFI Fraud Trial

Federal court judge Paul S. Diamond has granted a delay in the criminal jury trial of three defendants in the EFI fraud case at the request of the new attorney for Harold Young, according to court documents. read more

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Terry Mulreany
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