Bus Operator Pleads Guilty to Fraud in BALC Case



According to federal court documents, Roger Stephen Clary, owner and operator of Destination Adventures, pleaded guilty to one count of mail fraud for devising a scheme to defraud and obtain $1.6 million of a $4.5 million loan under false pretenses from Banc of America Leasing (BALC) to acquire, custom outfit and lease six buses.

According to the indictment, Clary devised a scheme whereby he redirected $1.6 million of the $4.5 million loan to companies where he had a financial interest, but which had no relationship to the purchase, outfitting and leasing of the buses for which the BALC loan was obtained.

Under a plea agreement, prosecutors dropped four counts of wire fraud against Clary. The maximum penalty for a charge of mail fraud is not more than 30 years imprisonment and a fine of not more than $1 million or both.

Leave a comment

No tags available

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
terry.mulreany@monitordaily.com
Susie Angelucci
Advertising: 484.459.3016
susie.angelucci@monitordaily.com

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com