Jeffrey F. Geddes, 39 of Park City, Utah, plead guilty on Monday to 52 counts of bank fraud and 4 counts of wire fraud. Specifically, Geddes was accused of bilking Zions First National Bank by fraudulently convincing the bank to increase his corporate credit line to $30 million from $675,000 for his flooring materials company, Adagio Stone, LLC and related entities. To do so, Geddes created a "front" company, Home Depot Export LLC and told bank officials he had a contract to import materials from India to sell to Home Depot. Zions Bank has sued Geddes and his companies in civil court, seeking to recover some $14 million. If convicted of all counts, he faces as much as 30 years in prison, plus $7.7 million in restitution. Media reports suggest that Geddes had a prior criminal history including convictions for forgery and "theft by deception."
Read the story here and here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment