Spending Spree Nets Charges For Former Fayetteville Businessman
by January 7, 2014 1:30 pm 185 views
An Oklahoma man accused of defrauding banks in order to splurge on luxury goods such as a Beaver Lake home and a collectable car was formally charged Tuesday in U.S. District Court for the Western District of Arkansas with bank fraud, wire fraud, mail fraud and money laundering.
Andrew Judkins, 41, of Bixby, Okla., is accused of defrauding the Bank of the Ozarks and First Security Bank, and two lending institutions, Wells Fargo Equipment Finance Inc., and GE Commercial Distribution Finance Corp., in connection with his Fayetteville-based heavy equipment sales and rental company.
In a press release issued by U.S. Attorney Conner Eldridge, Judkins alledgedly faked rental agreements for dump trucks and dozers when in fact he had sold the equipment. Instead of using the proceeds to repay his loans, he spent $200,000 as a down payment on a home and $47,000 on a car, among other expenditures.
“We remain dedicated to pursuing fraud cases and holding accountable those who swindel local businesses and others through deceitful schemes,” Eldridge said.