EFI Defendant to Change Plea in Loan Fraud Case

EFI defendant Harold W. Young is scheduled to change his plea on March 29, according to federal court documents. His trial in the loan fraud case had been scheduled for April 5.

The trial for former EFI defendants Misty and Curtis Kroesen is to be held on April 5.

Sentencing of Joseph M. Braas, Michael J. Schlager, John Wiley Spann, Mary C. Stankiewicz and John S. Tomberlin is scheduled for May.

Braas, Schlager, Stankiewicz, the Kroesens, from Lancaster County, PA, and Spann, Tomberlin and Young, from Alabama, were indicted with conspiracy to commit mail fraud and mail fraud, arising out of a complex loan fraud scheme that resulted in a loss of $53 million.

It is alleged in the indictment that as far back as 2001, before EFI was acquired by Sterling, the defendants were engaging in a systematic fraud at EFI. They are charged with colluding in a pervasive scheme to steal money by looting the accounts of EFI and falsifying EFI’s books from 2001 through 2007.

Previously on monitordaily: Three EFI Defendants Face Additional Charges, published December 19, 2011

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