Legal / Fraud

EFI Loan Fraud Defendant Spann Pleads Guilty

John Wiley Spann, a defendant in the EFI fraud case, pleaded guilty in a change of plea hearing on July 25, 2011 to conspiracy, mail fraud affecting a financial institution and money laundering, according to documents filed in Philadelphia federal court. He will be sentenced on December 15. read more

Jury Selection Begins In Case of Former Le-Nature's President

Jury selection has begun in the fraud trial of former Le-Nature's president Robert B. Lynn, the only one of five defendants in the criminal case against the bankrupt beverage maker to maintain a plea of innocence. read more

Fifth EFI Fraud Defendant Tomberlin To Plead Guilty

John S. Tomberlin, a defendant in the EFI fraud case, will plead guilty on August 15, 2011, according to court documents. He was a partner in South Central Agency, a purported insurer of equipment that secured numerous EFI loans. read more

C&J Leasing Owner Guilty in $8MM Fraud Against Frontier Leasing

Clarence Allen Rice, owner of C&J Leasing, was found guilty of wire fraud in connection with an $8 million scheme against Frontier Leasing, according to U.S. Attorney Nicholas A. Klinefeldt. read more

U.S. Attorney Charges Former Central Leasing CFO With Fraud

Federal prosecutors charged a former equipment leasing company CFO with wire fraud in connection to a $1.2 million embezzlement scheme, according to U.S. Attorney Joyce White Vance. read more

Homeowners Try To Prevent BofA Leasing From Removing Ski Lifts

Tamarack Municipal Association homeowners are fighting to prevent Banc of America Leasing from removing two ski lifts from the Tamarack Resort after receiving the OK from a bankruptcy court judge to repossess the lifts that were leased to the resort. read more

CIT Group Sues to Halt Tyco's Bankruptcy Claim Assertion

CIT Group has asked a bankruptcy judge to block a tax-related claim asserted by Tyco International that relates to an agreement that was entered into when Tyco sold its stake in CIT through an IPO in 2002, Bloomberg reports. read more

Equipment Finance Loan Fraud Defendant Guilty Plea Scheduled

The Intelligencer Journal-Lancaster New Era reports that John Wiley Spann, a defendant in the Equipment Finance loan fraud case, is scheduled to plead guilty on July 25 in Philadelphia federal court. read more

Oil Field Equipment Lessor Files $1MM Breach of Contract Suit

According to documents filed recently in Harris County District Court in Houston, TX, Compass Directional Guidance is suing Oncourse for more than $1 million owed to Compass for leased oil field equipment. read more

Sentencing of Three Defendants in EFI Loan Fraud Case Postponed

According to recently filed documents in the U.S. District Court for the Eastern District of Pennsylvania, district judge Paul S. Diamond, Jr. again has granted a postponement of sentencing for three defendants in the Equipment Finance Inc. loan fraud case. read more

Le-Nature's Podlucky Pleads Guilty to Fraud

The Pittsburgh Post-Gazette reported that former chief operating officer, Jonathan E. Podlucky of failed bottler Le-Nature's, has pleaded guilty to fraud and has agreed to serve a five-year sentence. read more

Class Members Win $4.9MM in Suit Against GE Capital IT Solutions

According to court documents, a judge has ruled in favor of a class action lawsuit brought against GE Capital IT Solutions (d/b/a IKON Financial Services) and approved a final settlement of $4.9 million between the parties. read more

FDIC Settles Case Alleging Reckless Lending to Leasing Companies

The FDIC's $10.4 million lawsuit against former directors and officers of Corn Belt, alleging the defendants "acted recklessly" in approving loans to three leasing companies, has been settled read more

Principal in Banc of America Leasing Case Skips Hearing

The Idaho Statesman reports an Idaho judge issued a warrant for ski resort Tamarack's owner Jean-Pierre Boespflug after he missed a hearing to determine the value of his assets. In January Banc of America leasing won a judgment to repossess Tamarack's ski lifts. read more

Second Circuit Decision 'Clear Win' for Equity Owners

Lexology notes in a recent article that despite conflicting interpretations for owner participants' right to recover claims based on tax indemnification agreements, a recent Second Circuit ruling stands as a "clear win" for equity owners. read more

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Terry Mulreany
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