The owner and president of Allied Health Care Services, Charles Schwartz, admitted to organizing and executing a $135 million phony medical equipment lease scheme, U.S. Attorney Paul J. Fishman announced. read more

APR 14, 2011 - 10:53 am

The U.S. Attorney for the Southern District of Illinois announced a federal grand jury returned an indictment against an office equipment supplier for allegedly defrauding equipment lessees through a multifaceted scheme. read more

MAR 30, 2011 - 4:21 pm

According to documents filed in Federal Court, investors involved in a ponzi scheme perpetrated by leasing companies controlled by John W. Otto, have filed a suit against a group of leasing companies involved in the fraud for misfeasance. read more

MAR 30, 2011 - 11:08 am

The SEC has obtained an emergency court order to halt an agreement by Marlon Quan allegedly designed to divert $14 million of settlement funds from victims of an inventory financing Ponzi scheme run by Thomas Petters. The SEC has charged Quan with facilitating the Ponzi scheme. read more

MAR 30, 2011 - 11:03 am

The FDIC has filed a civil action against former executives and directors of a failed bank in Illinois. The FDIC is seeking to recover at least $10.4 million in losses suffered on loans made to three leasing companies. read more

MAR 24, 2011 - 10:58 am

In a statement, Huntington Bancshares acknowledged it may be required to pay up to $73 million as a result of recent ruling by a Michigan bankruptcy court, but noted that no judgment fixing damages has been issued and that it plans to aggressively contest the claims. read more

MAR 22, 2011 - 11:00 am

According to recently filed documents in the U.S. District Court for the Eastern District of Pennsylvania, district judge Paul S. Diamond, Jr. has granted a two-month postponement of sentencing for Michael J. Schlager, former SVP of EFI. read more

MAR 22, 2011 - 10:57 am

Caterpillar Financial Services has sued Dean's Shipping and its vessel, the M/V Legend II, alleging a loan default of more than $2 million. In the case, Caterpillar is an intervening plaintiff claiming preference over a service provider. read more

MAR 18, 2011 - 11:09 am

Three former executives of Fair Financial were arrested and charged in an indictment for their roles in a scheme to defraud 5,000 investors of more than $200 million. One of the defendants was previously a VP with Newcourt Credit. read more

MAR 17, 2011 - 2:14 pm

The U.S. Attorney’s Office for the District of Central California issued a press release stating Avaya Inc. and CIT have paid the United States more than $16.5 million to settle allegations that they systematically overcharged federal and state government agencies... read more

MAR 5, 2011 - 6:12 am

According to recently filed documents in the U.S. District Court for the Eastern District of Pennsylvania, district judge Paul S. Diamond, Jr. ordered a postponement of sentencing for Mary C. Stankiewicz, formerly Equipment Finance’s secretary/treasurer and accounting supervisor. In December... read more

MAR 4, 2011 - 5:46 am

California attorney general Kamala D. Harris filed a lawsuit seeking restitution and civil penalties totaling $803,100 in a scam that defrauded 33 African American churches in Southern California. Promoters promised that the leased computer kiosks would enhance the experience of... read more

MAR 2, 2011 - 5:19 am

A U.S. District Judge signed an order postponing the sentencing of Joseph M. Braas, former executive and key figure in the Equipment Finance loan fraud case, from March 9, 2011 to June 9, 2011. read more

FEB 23, 2011 - 3:13 pm

According to recent court filings in the case against the remaining five defendants in the Sterling Financial/Equipment Finance loan fraud case, Zane David Memeger, U.S. Attorney, and Nancy E. Potts, Assistant U.S. Attorney, have requested that the court enter a... read more

FEB 14, 2011 - 5:00 pm