Charlie,
I see this 'interesting article' on 'Creative' book keeping 101...
..."Farmers owed money by A-Way for grain were paid in-full for their insured losses; however, because the company's grain assets were insufficient to cover valid claims, those payments required a $2.8 million draw on the Illinois Grain Insurance Fund...."
http://www.grainnet.com/articles/Federal_Grand_Jury_Indicts_Iroquis_County__IL_Coup le_For_Alleged__5_Million_A_Way_Inc__Grain_Company _Fraud-69902.html
..."The indictment alleges that Mikel Freeman obtained credit from Commerce Bank by providing A-Way warehouse receipts and other documents which falsely represented the amount of grain available as collateral.
Also starting in about December 2006, Mikel Freeman caused A-Way checks issued to be issued to himself, Freeman Farms, and other entities with which he was associated.
As a further part of the fraud scheme, the indictment alleges Mikel Freeman caused grain license applications and lender assessments to be mailed to the state of Illinois which reflected that there were no outstanding warehouse receipts when in fact, as he well knew, he had issued warehouse receipts to collateralize loans at First Trust and Commerce.
Members of the public are reminded that an indictment is merely an accusation; the defendants are presumed innocent unless proven guilty.
A complete listing of offenses charged against each defendant and the statutory penalties for each offense, if convicted, follows:
• Count 1: Mikel and Dianne Freeman - conspiracy to commit mail and bank fraud (one count); up to 5 years in prison and fines of up to $250,000;
• Counts 2-5: Mikel and Dianne Freeman, bank fraud (four counts); up to 30 years in prison and fines of up to $1,000,000;
• Counts 6-9: Mikel Freeman, bank fraud (four counts); up to 30 years in prison and fines of up to $1,000,000; Counts 10-14: Mikel Freeman, mail fraud (five counts); up to 30 years in prison and fines of up to $1,000,000;
• Count 15: Mikel and Dianne Freeman - conspiracy to commit money laundering (one count); imprisonment of up to 20 years and fines of $500,000 or twice the value of the property involved, whichever is greater;
• Counts 16-18: Mikel and Dianne Freeman - money laundering (three counts); imprisonment of up to 20 years; fines of up to $500,000;
• Counts 19-23: Mikel Freeman - money laundering (five counts); imprisonment of up to 20 years; fines of up to $500,000; and,
• Count 24: Dianne Freeman - embezzlement and misapplication of funds by a bank employee (one count); up to 30 years in prison and a fine of up to $1,000,000...."
I see this 'interesting article' on 'Creative' book keeping 101...
..."Farmers owed money by A-Way for grain were paid in-full for their insured losses; however, because the company's grain assets were insufficient to cover valid claims, those payments required a $2.8 million draw on the Illinois Grain Insurance Fund...."
http://www.grainnet.com/articles/Federal_Grand_Jury_Indicts_Iroquis_County__IL_Coup le_For_Alleged__5_Million_A_Way_Inc__Grain_Company _Fraud-69902.html
..."The indictment alleges that Mikel Freeman obtained credit from Commerce Bank by providing A-Way warehouse receipts and other documents which falsely represented the amount of grain available as collateral.
Also starting in about December 2006, Mikel Freeman caused A-Way checks issued to be issued to himself, Freeman Farms, and other entities with which he was associated.
As a further part of the fraud scheme, the indictment alleges Mikel Freeman caused grain license applications and lender assessments to be mailed to the state of Illinois which reflected that there were no outstanding warehouse receipts when in fact, as he well knew, he had issued warehouse receipts to collateralize loans at First Trust and Commerce.
Members of the public are reminded that an indictment is merely an accusation; the defendants are presumed innocent unless proven guilty.
A complete listing of offenses charged against each defendant and the statutory penalties for each offense, if convicted, follows:
• Count 1: Mikel and Dianne Freeman - conspiracy to commit mail and bank fraud (one count); up to 5 years in prison and fines of up to $250,000;
• Counts 2-5: Mikel and Dianne Freeman, bank fraud (four counts); up to 30 years in prison and fines of up to $1,000,000;
• Counts 6-9: Mikel Freeman, bank fraud (four counts); up to 30 years in prison and fines of up to $1,000,000; Counts 10-14: Mikel Freeman, mail fraud (five counts); up to 30 years in prison and fines of up to $1,000,000;
• Count 15: Mikel and Dianne Freeman - conspiracy to commit money laundering (one count); imprisonment of up to 20 years and fines of $500,000 or twice the value of the property involved, whichever is greater;
• Counts 16-18: Mikel and Dianne Freeman - money laundering (three counts); imprisonment of up to 20 years; fines of up to $500,000;
• Counts 19-23: Mikel Freeman - money laundering (five counts); imprisonment of up to 20 years; fines of up to $500,000; and,
• Count 24: Dianne Freeman - embezzlement and misapplication of funds by a bank employee (one count); up to 30 years in prison and a fine of up to $1,000,000...."
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