The Federal Bureau of Investigation (FBI) arrested three former USA Dry Van Logistics executives this week on multiple charges of wire fraud and conspiracy to commit wire fraud.
The six-count federal indictment issued by U.S. Attorney Kenneth Magidson involving Sergio Lagos, former CEO of USA Dry Van Logistics, along with Aurelio “Jim” Aleman, the company’s former COO, and Oscar Barbosa, formerly controller, alleges that between March 2008 through the end of January 2010, the three joined in a scheme to defraud and swindle GE Capital Corp., fraudulently obtaining some $38 million in funds through a revolving line of credit.
The indictment also alleges that Lagos, Aleman, and Barbosa perpetuated and concealed the scheme to defraud GE by directing other employees to manually invoice millions of dollars of fraudulent receivables to inflate the borrowing base and to create false and forged invoices along with support documentation for accounts receivables that did not exist. That allowed USA Dry Van Logistics to appear to be operating more profitably that it actually was, according to the indictment.
While all three are no longer affiliated with or employed USA Dry Van Logistics, the company eventually filed for Chapter 11 bankruptcy protection and has reorganized under new owners, with GE losing over $26 million, according to the allegations.
The FBI noted that each of the six counts levied against all three of the accused carries a maximum punishment of 20 years in prison and up to a $250,000 fine.
