Federal officials have arrested three men who formerly held top-ranking positions at USA Dry Van Logistics for alleged involvement in a $26 million fraud scheme.
Sergio Lagos, 44, Aurelio “Jim” Aleman, 59, and Oscar Barbosa, 50 were set for an Aug. 27 initial appearance in Houston’s U.S. district court, according to the FBI. Lagos had been the Texas-based company’s former chief executive officer, while Aleman and Barbosa had served respectively as chief operations officer and former controller.
A six-count federal indictment charged the McAllen residents with wire fraud and conspiracy to commit wire fraud. From March 2008 through January 2010, the trio is charged as fraudulently obtaining funds through a revolving line of credit from GE Capital Corp.
After that scheme was discovered, the company entered bankruptcy proceedings. USADV currently operates with new owners after successfully reorganizing under Chapter 11.
The men allegedly concealed USADV’s declining operating performance and finances. GECC had issued a revolving line of credit that had been secured by misrepresenting accounts receivables. As a result, GECC incurred a loss of more than $26 million.
Each of the six counts of the indictment carries a maximum punishment of 20 years in prison and up to a $250,000 fine.
An owner-operator has been sentenced to life in prison for his role in ...