Related Federal Cases
Developer’s $1.6M Scam Lands Him in Hot Water
A Little Rock real estate developer has taken a major fall from grace after pleading guilty to mail fraud in a case that netted him $1,595,000 in ill-gotten gains. Roger Stephen Clary, 60, of Little Rock, entered his plea before United States District Judge J. Leon Holmes today.
According to the indictment, Clary created a company called Destination Ventures, which was supposed to purchase, custom outfit, and lease buses. However, he obtained a loan from Banc of America Leasing Corporation (BALC) and directed the vendor to redistribute the funds, which ultimately ended up in companies with which Clary had a financial interest.
The mail fraud count charges Clary with falsely certifying to BALC that the buses had been custom outfitted. The remaining four counts of wire fraud were dismissed.
Clary faces a statutory penalty of no more than 30 years incarceration and/or a fine of $1,000,000 with five years of supervised release. The sentencing date will be determined by the Court at a later date.
The investigation was conducted by the Little Rock Field Office of the Federal Bureau of Investigation. The case was prosecuted by former First Assistant United States Attorney Jane Duke and Assistant United States Attorney Angela Jegley.
Clary’s guilty plea marks the latest in a string of high-profile white-collar crime cases in the region. The Eastern District of Arkansas has been cracking down on financial crimes, and this case is a significant victory for law enforcement.
As the investigation continues, the community is left to wonder how such a brazen scheme was able to unfold under the radar for so long. The case serves as a reminder that no one is above the law, and that those who engage in financial crimes will be held accountable.
Key Facts
- State: Arkansas
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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