Sixth Defendant Pleads Guilty in EFI Loan Fraud

The Lancaster Intelligencer Journal reported that Harold W. Young, president of South Central Agency, an insurance company in Andalusia, AL, pleaded guilty to one count of wire fraud affecting a financial institution for his actions from 2003 to 2007 in the EFI loan fraud. Three money-laundering counts were dropped. He faces sentencing July 18.

Young is the sixth of eight defendants to plead guilty. The trial for Misty and Curtis Kroesen has been delayed until April 16, according to the article.

It is alleged in the criminal indictment that as far back as 2001, before EFI was acquired by Sterling Financial, 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.

To read the full Lancaster Intelligencer Journal article click here.

Previously on monitordaily Former EFI Officer to Testify in Fraud Case, April 10, 2012

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