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.

The article, citing court documents filed on June 21, 2011, notes that Spann faces 15 counts and that the filing does not indicate which he will admit.

To read the entire Intelligencer Journal-Lancaster New Era article click here.

As previously reported on monitordaily, EFI was a logging industry lender that provided financing for the purchase of forestry and land clearing equipment, primarily in the southeastern U.S. According to the indictment, from the time it was acquired by Sterling Financial in March 2002, until April 2007, the value of EFI’s loan portfolio grew on paper from approximately $80 million to approximately $330 million. Sterling was subsequently acquired by PNC Financial in April 2008.

Joseph M. Braas, Michael J. Schlager, Mary C. Stankiewicz, Misty L. Kroesen, Curtis A. Kroesen, all from Lancaster County and John Wiley Spann, Harold W. Young and John S. Tomberlin, all from Alabama were indicted with conspiracy to commit mail fraud and mail fraud, all arising out a massive, sophisticated 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, which include five former EFI employees, were engaging in a systematic fraud at EFI. From 2001 through 2007, they are charged with colluding in a pervasive scheme to steal money by looting the accounts of EFI and falsifying EFI’s books.

Previously on monitordaily:

Sentencing of Three Defendants in EFI Loan Fraud Case Postponed

Sentencing of Third Defendant in EFI Loan Fraud Case Postponed

Sentencing of Second Defendant in EFI Loan Fraud Case Postponed

Sentencing of Key Figure in EFI Loan Fraud Case Postponed