Todd Capser, a man from Billings, Montana, has been accused of masterminding a $43 million financial swindle. The United States Attorney for the Southern District of New York, Geoffrey S. Berman, and FBI Assistant Director William F. Sweeney Jr., have announced charges against Capser in what is being described as a sophisticated scheme to defraud a Canadian financial institution.
According to authorities, Capser and his father, CC-1, convinced a Toronto-based financial institution to lend them approximately $43.3 million by presenting false documents and misleading representations about their solvency. The funds were intended for the purchase of two chemical and oil tankers. Subsequently, they attempted to secure refinancing loans from at least nine other institutions, amounting to between $46 million and $52 million each.
The alleged fraud included forging documents from a wealth-management service provider and creating fake email accounts to deceive financial institutions. Capser also claimed his daughter was terminally ill with cancer as an attempt to deflect questions about his suspicious activities.
Berman emphasized that Capser’s actions were not only financially damaging but also legally egregious, involving the falsification of loan documents and omitting key information. FBI Assistant Director Sweeney highlighted the simplicity of the alleged crime yet its significant impact on financial institutions.
Capser, aged 47, was arrested in Billings earlier today and will appear before Magistrate Judge Timothy J. Cavan in the District of Montana later this afternoon. The case is under the jurisdiction of U.S. District Judge J. Paul Oetken in the Southern District of New York.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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