Former Chief Financial Officer Charged with Defrauding Bank
United States Attorney Michael L. Levy today announced the filing of an information against Bruce Baron charging that Baron, the former chief financial officer and a shareholder of Budge Industries, devised a scheme to defraud Summit Bank in connection with a $6 million line of credit which was secured by Budge’s accounts receivable.
The Information further alleges that Baron aided and abetted the inflation of Budge’s accounts receivable for the purpose of deceiving Summit into believing that there was adequate collateral to secure the loan in the event of a default. The value of Budge’s collateral was significantly less than the amount claimed by Baron. As a result of this scheme, Summit suffered a loss of $1.3 million.
INFORMATION REGARDING THE DEFENDANT
| NAME |
ADDRESS |
AGE OR YEAR OF BIRTH |
| Bruce Baron |
Blue Bell, Pennsylvania |
1951 |
If convicted the defendant faces a maximum possible sentence of 150 years' imprisonment, a fine of $5 million, a special assessment of $500 and five years of supervised release.
The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Floyd J. Miller.
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