FEDERAL AND STATE CRIMINAL DEFENSE ATTORNEYS
O'Brien Hatfield, PA GET YOUR FREE CASE REVIEW GET YOUR FREE CASE REVIEW Click To Text
Tampa 813-345-4909 | En Español 813-390-2494
Orlando / Miami / West Palm Beach - 888-496-5916

Two Businessmen Obtain Up $190 Million Through Fraud

Mark Anstett, of Lake Forest, IL, was the president and co-owner of Equipment Acquisition Resources (EAR), which allegedly made semiconductor wafers and refurbished machinery used to make semiconductors work. George Ferguson, of Carlisle, PA, was the owner and president of former Machine Tools Direct (MTD) of Carlisle, PA. These two men were recently charged by the U.S. Attorney's Office for the Northern District of Illinois with allegedly engaging in a scheme to fraudulently obtain approximately $190 million from banks and financing companies. The two men used their businesses as the main source of the scheme.

Between 2006 and October 2009, it is alleged that Anstett, Ferguson, and Player, another member of the scheme that was not indicted, used EAR and MTD to fraudulently obtain approximately $190 million in financing from various lenders. These obtained these finances by using false representations about EAR's business operations, financial status, independence from MTD, and need for financing. The lenders loss was approximately $100 million. These lenders include First National Bank of McHenry, Libertyville Bank & Trust, Millennium Bank, Waukegan Bank, First Chicago Bank and IBM Global Finance.

The scheme to defraud did not stop there. The defendants then allegedly obtained financing for EAR to purchase equipment from MTD and arranged sham sales transactions between the two companies. The defendants falsely represented to lenders that EAR and MTD were separate companies engaged in arms-length sales transactions. In reality, MTD was receiving financing payments from the lenders and sending them to EAR so that EAR could use the money to make payment s on other loans.

Anstett and Ferguson were each charged with ten counts: five counts of wire fraud, four counts of bank fraud, and one count of mail fraud. Player was not charged in the original indictment, but he was named as a co-schemer. Along with the ten charges, the indictment seeks forfeiture of approximately $190 million.

Bank fraud can be charged when a party knowingly defrauds or attempts to defraud a financial institution or obtains money, funds, credits, assets, securities or other property owned by or under the control of a financial institution. Mail and wire fraud are similar crimes. Mail fraud is intentionally planning, creating or carrying out a scheme to defraud others using the U.S. mail or private carriers during any part of the crime. Similarly, wire fraud is intentionally planning, creating or carrying out a scheme to defraud others using the Internet, phone, radio, or television. Each count of mail, wire, and bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine. Restitution is also a mandatory part of their potential sentence.

Source: Monitor Daily, Two executives indicted in $190MM financial equipment fraud, 3/3/14

18 U.S.C. § 1343

No Comments

Leave a comment
Comment Information
Mark J. O'Brien's cases have been featured in:
The New York Times | The Miami Herald | Bay News 9 | abc 7 | The Boston Globe | USA Today | Tampa Bay Times | FOX News Channel | The Washington Post | abc Good Morning America | Chicago Tribune | NT News Talk Florida | St. Petersburg Times | Deadspin
“Mark, thank you for everything. I will forever be indebted to you. You have stood by me and believed in me when it was not the popular thing to do. You are an amazing advocate.” Adam Filthaut
  • Former Partner at the Law Firm of Adams and Diaco (Robert Adams and Stephen Diaco)
  • MJ (Todd Schnitt) Morning Show/Bubba the Love Sponge Clem Trial
  • Attorney Phil Campbell DUI Setup/Florida Bar Trial
More Testimonials
American Association for Justice National Association of Criminal Defense Lawyers | NACDL 1958 Florida Association of Criminal Defense Lawyers | FACDL Super Lawyers AVVO | See Reviews LC | Lead Counsel Rated
Best Criminal
Defense Lawyers
in Orlando
2018