Three former USA Dry Van Logistics executives have been arrested this week by the Federal Bureau of Investigation on multiple charges of wire fraud and conspiracy to commit wire fraud. The six count federal indictment issued by United States Attorney Kenneth Magidson involved: Sergio Lagos, former CEO of USA Dry Van Logistics, Aurelio “Jim” Alemaz, the company’s former COO, and Oscar Barbosa, who formerly worked as a controller.
The indictment alleges that the three perpetuated in a scheme from March 2008 through January 2010 to defraud GE Capital Corporation by directing other employees to manually invoice millions of dollars of fraudulent receivables to inflate the borrowing base. The employees were also instructed to create false and forged invoices along with other documentation for accounts receivables that did not exist. According to the indictment, the amount of actual loss to GECC was more than $26 million.
Lagos, Aleman, and Barbosa are no longer affiliated or employed by USADV and the company has re-organized under Chapter 11 bankruptcy proceedings with new owners.
Each of the six counts of the indictment carries a maximum penalty of 20 years in prison and up to a $250,000 fine.
The investigation was led by Homeland Security Investigations and the Federal Bureau of Investigation. Assistant United States Attorneys Case N. Macdonald and Grady J. Leupold are the prosecuting attorneys in this case.