The owner of a Fayetteville, AR-based heavy equipment company has pleaded not guilty to charges he defrauded four local financial institutions including Bank of the Ozarks, First Security Bank, Wells Fargo Equipment Finance and GE Commercial Distribution Finance and used the money for his own personal use and benefit.

According to the indictment, Andrew C. Judkins appeared in federal court in Fayetteville to face charges of bank fraud, wire fraud and money laundering, according to U.S. Attorney Conner Eldridge’s office. The case is being brought against the suspect by the FBI, the U.S. Attorney’s Office and the IRS.

In a written statement, Eldridge said, “Judkins did not repay the banks and the lending companies when he sold the equipment; rather, he misled the two banks and the two lending companies by giving them false equipment rental agreements causing the lenders to believe their collateral was not sold, but simply being rented out to a third party.”

The 19-page, superseding indictment shows that A. Camp Equipment was in the business of buying selling, renting and servicing bulldozers, excavators, backhoes and other new and used heavy construction equipment. To support his inventory of heavy equipment, Judkins had floor plan financing arrangements with First Security Bank, Bank of the Ozarks, GE Commercial Distribution Finance and Wells Fargo Equipment Finance.

The 12-count indictment alleges that as part of the scheme to defraud the lenders, Judkins provided phony documents that misrepresented to the banks and lenders the true status of the floor-planned equipment by making it appear that the equipment was being rented to third parties using false and fraudulent rental agreements to conceal that the equipment had, in fact, already been sold.

According to the U.S. Attorney’s office, the crimes were allegedly committed in 2008 and 2009. Judkins’ federal trial is set for February 10 in Fort Smith, AR.

To read the full 19-Page Indictment click here.