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$4M Bank Fraud Indictment Hits Florida Man
A Florida man has been hit with a $4 million bank fraud indictment, according to the U.S. Attorney’s Office for the Northern District of Ohio. Russell W. Spitz, 75, is accused of defrauding Fifth Third Bank out of approximately $4 million in a scheme involving a construction project in Massillon, Ohio.
The indictment alleges that Spitz, who owns and operates Vision Power Systems out of the Jacksonville, Florida area, submitted a number of fraudulent documents to Fifth Third Bank during the loan negotiation process. The bank relied on these documents when it entered into a loan agreement with Spitz, issuing a letter of credit to guarantee bonds for the project.
Fifth Third Bank disbursed approximately $4.1 million for the project, which was intended to reduce energy expenses for FiberCorr, a corrugated paper company based in Massillon, Ohio. However, the indictment alleges that Spitz did not use the funds for construction of the biomass boiler, and construction on the project stopped in 2008.
The case is being investigated by the Federal Bureau of Investigation, and is being prosecuted by Assistant U.S. Attorney Chelsea S. Rice of the Cleveland U.S. Attorney’s Office. If convicted, Spitz’s sentence will be determined by the court after review of factors unique to the case, including his prior criminal record, his role in the offense, and the characteristics of the violation.
An indictment is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.
Spitz is currently residing in the Jacksonville, Florida area and is being held accountable for his alleged actions. The case is a reminder of the importance of due diligence in financial transactions and the consequences of fraudulent behavior.
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Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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