FBI arrests three former trucking executives for wire fraud

Sept. 5, 2013

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. 

Sponsored Recommendations

Heavy-Duty Maintenance Checklist

A maintenance checklist can help ensure you hit everything necessary during an inspection. Check out our free downloadable checklist to help streamline your repairs.

Five Ways a Little Data Can Save Your Company Millions

While most trucking and logistics companies rely on cellular to keep their work fleet connected, satellite has the ability to connect anywhere and through small data transmission...

Fleet Case Study: 15% YOY Growth for ITDS

Learn how this small trucking company scaled significantly and maintained outstanding customer service without adding additional people. Sylectus TMS can automate operations and...

Unlocking Fleet Safety & Efficiency: The Managed Service Advantage

Want to boost your fleet's safety and efficiency? Tune in now to discover the power of Managed Services in optimizing your safety program, streamlining operations, and making ...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!