Berlin CFO Indicted in $12M Bank Fraud Scandal
Steven D. Griffin, 59, the former Chief Financial Officer of Isaacson Structural Steel, Inc. (ISSI), has been charged with making false statements to a financial institution in a $12M bank fraud case.
According to a nine-count indictment, Griffin submitted inflated figures for assets of ISSI to Passumpsic Savings Bank and other banks, totaling over $12M, including a $2M loan guaranteed by the Small Business Administration in late 2010.
The indictment alleges that Griffin’s actions led to the loss of millions of dollars for the banks involved, as ISSI declared bankruptcy in June 2011 and its assets were subsequently liquidated.
Griffin appeared in court on April 6, 2015, and pleaded not guilty to the charges, with his lawyer, Paul S. Volk, representing him. He was released on conditions pending trial.
If convicted, Griffin faces a maximum of 30 years in prison and a $1 million fine on each count.
The investigation into Griffin’s actions is ongoing, with the Federal Bureau of Investigation, the Office of Inspector General for the Federal Deposit Insurance Corp., and the Office of Inspector for the Small Business Administration involved.
Arnold Hanson, ISSI’s former CEO, who shared ownership of the company with Griffin, pleaded guilty to conspiring to make false statements to a financial institution in February 2014 and is scheduled to be sentenced on May 27, 2015.
Related Federal Cases
- Steel Magnate Griffin Gets Home Confinement in $12M Fraud · New Hampshire
- Name Game: Vermont Man Nabbed for Citizenship Fraud · Maine
- Jay Peak EB-5 Scheme: Four Indicted in $200M Fraud · Florida
- Fairfield CFO Siphons $1.5M, Gets 2 Years · Vermont
- Vermont Dealer Parts Manager Pleads Guilty to $575K Mail Fraud Scheme · Vermont
Key Facts
- State: Vermont
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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