Eijroghene Okuma, $10M Investment Fraud, Georgia 2023

Related Federal Cases

Eijroghene Okuma, $10M Investment Fraud, Atlanta GA, 2023 · Maryland
Daniqua Clark, Mail Stream Theft and COVID-19 Relief Fraud, Atlanta… · Alabama
Sark Wire Corporation, PPP Fraud, Albany NY, 2023 · Georgia
James Pavlounis, Social Security Disability Benefits Fraud, New Roc… · Alabama
Emily Wilson, Investment Adviser Fraud, Pennsylvania, 2023 · Ohio

Table of Contents

Farm Equipment CEO Sentenced to Prison for $6.3 Million Fraud

A Southwest Georgia businessman and owner of a tractor supply company who pleaded guilty to orchestrating a complicated fraud involving millions of dollars of loans by multiple creditors has been sentenced to prison and ordered to pay restitution to his victims for his crime.

Rickey Carter, 60, of Nashville, Georgia, was sentenced to serve 63 months in prison to be followed by five years of supervised release by U.S. District Judge Hugh Lawson on Wednesday, September 15, after he pleaded guilty to bank fraud.

The court also sentenced Carter to pay more than $6.3 million in monetary restitution to the banks and creditors who were defrauded, as well as to the U.S. Small Business Administration. There is no parole in the federal system.

“Defrauding banks by lying to obtain millions of dollars in loans undercuts the integrity of the banking system and puts businesses—and the people they employ—in jeopardy,” said Acting U.S. Attorney Peter D. Leary. “Our office and law enforcement will work to hold fraudsters accountable and protect citizens from fraud.”

Carter was the President and CEO of Nashville Tractor (NTI), a business that sold and leased agricultural and construction equipment, attachments and parts. In 2016, he obtained a United States Small Business Administration (SBA) loan with Farmers and Merchants Bank (FMB) in the principal amount of $5,000,000. At the same time, NTI obtained a new line of credit and signed a credit agreement with FMB in the amount of $625,000.

Carter was able to continue operations of NTI and other loan arrangements were made with a number of other banks and financing entities. In each instance of a loan with the banks, Carter was required to provide true and complete financial information to the banks and was to provide continuing information for line of credit draws. However, during 2015, NTI began having financial and cash flow issues which made it difficult to make payments due on the loans and to make payroll.

Carter was able to continue his fraudulent scheme by selling equipment which it held in trust but not paying the cash over to CNH and other creditors as required. He sold at least 88 pieces of equipment valued at more than $1.5 million subject to the security interest of CNH and sold other pieces of equipment securing financing from Kubota Credit Corporation, Ameris Bank, Bank of Alapaha and Diversified Financial Services.