A 59-year-old man from Pepper Pike, Ohio, has been charged with making false statements to a federally-insured financial institution.
Allen D. Youngman, the owner of Lakeside Scrap Metals, Inc. and related scrap metal companies, obtained an asset-based loan from First Merit Bank, a federally-insured financial institution, that permitted borrowing against the company’s accounts receivable and inventory.
Between approximately March 26, 2012, and August 14, 2012, Youngman prepared and submitted fraudulent receivables invoices that permitted drawing up to 85 percent of the invoice totals.
Youngman provided First Merit with eight fraudulent invoices that allowed him to draw approximately $1,007,347 on the loan, according to the information.
The case is being prosecuted by Assistant U.S. Attorney James V. Moroney following an investigation by the Federal Bureau of Investigation.
If convicted, the defendant’s sentences will be determined by the court after a review of the federal sentencing guidelines and factors unique to the case, including the defendant’s prior criminal record (if any), the defendant’s role in the offense and the characteristics of the violation.
Youngman, who is currently facing charges of making false statements to a federally-insured financial institution, has not yet entered a plea.
Related Federal Cases
- Jose Otero, Conspiracy to Submit False Statements, Texas 2015 · North Carolina
- Edward G. Kramer, Tax Evasion and False Filings, Ohio 2007 · Kentucky
- Richard A. Zakarian, Wire Fraud, Mail Fraud, False Income Tax Returns, Ohio 2012 · Virginia
- No Crime Found, Ohio, 2023 · Virginia
- Bodega Importadora de Pallets, False Insurance Claims, Washington 2023 · Florida
Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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