Bank fraud by an oil company president? Yes, indeed. The president – Christopher T. Carr – has pleaded guilty to one count of bank fraud stemming from a scheme to defraud Citizens Bank of millions of dollars.
According to court documents and statements made in court, Carr was the president of F&S Oil Company Inc., which was in the business of providing heating oil to residential and commercial customers in the Waterbury, Conn., area. As primarily a seasonal business with fluctuating cash flow, with growing cash deposits when prepaid contracts were purchased by customers and declining cash flow as inventory was purchased and delivered, F&S Oil needed access to a banking line of credit to conduct its business on an ongoing basis. As a result, F&S Oil had a banking relationship with Citizens Bank, which included three outstanding lines of credit or loans secured by the assets, inventory, and receivables of F&S Oil. Citizens Bank would routinely extend funds to F&S Oil under the existing line of credit based, in part, on information provided by F&S Oil in periodic submissions of borrowing base certificates to Citizens Bank. The borrowing base certificates would itemize F&S Oil’s total gross accounts receivable and would include a listing of the aging of the receivables and a total fuel inventory.
Showing posts with label citizens bank. Show all posts
Showing posts with label citizens bank. Show all posts
Tuesday, May 31, 2011
Citizens Bank News
Citizens Bank
Citizens Bank. A $1,000 reward is being offered for Information leading to the arrest and conviction of two men responsible for robbing Citizens Bank in Grosse Pointe Woods.
Crime Stoppers of Michigan is now offering a $1,000 reward for information leading to the arrest and conviction of two men who robbed Citizens Bank May 18, Grosse Pointe Woods Det. Sgt. Raymond Yonkowski said.
The men entered the bank at Mack Avenue and Stanhope Street shortly before 1 p.m. May 18 toting guns and wearing white cotton masks. One man ordered a teller to the ground, jumped the counter and filled a bag with cash.
The other man ordered a customer who entered the bank during the crime to the ground. No one was injured during the robbery.
Yonkowski said detectives are still investigating the crime and are hopeful the reward will aid in their efforts.
The men drove from the bank in a maroon minivan with a bag full of cash.
The first robber is described as about 5-foot-9 with a medium build, 25 to 35 years old, black with a beard. He was last seen wearing a gray jacket, dark pants and blue Converse All Star tennis shoes.
The second robber is described as about 5-foot-5 with a slim build, 30 to 40 years old and black. He was last seen wearing a red jacket, blue jeans and brown shoes.
Anyone with information is asked to all the Woods detective bureau at 313-343-2412 or Crime Stoppers at 1-800-SPEAK-UP.
Source
Citizens Bank. A $1,000 reward is being offered for Information leading to the arrest and conviction of two men responsible for robbing Citizens Bank in Grosse Pointe Woods.
Crime Stoppers of Michigan is now offering a $1,000 reward for information leading to the arrest and conviction of two men who robbed Citizens Bank May 18, Grosse Pointe Woods Det. Sgt. Raymond Yonkowski said.
The men entered the bank at Mack Avenue and Stanhope Street shortly before 1 p.m. May 18 toting guns and wearing white cotton masks. One man ordered a teller to the ground, jumped the counter and filled a bag with cash.
The other man ordered a customer who entered the bank during the crime to the ground. No one was injured during the robbery.
Yonkowski said detectives are still investigating the crime and are hopeful the reward will aid in their efforts.
The men drove from the bank in a maroon minivan with a bag full of cash.
The first robber is described as about 5-foot-9 with a medium build, 25 to 35 years old, black with a beard. He was last seen wearing a gray jacket, dark pants and blue Converse All Star tennis shoes.
The second robber is described as about 5-foot-5 with a slim build, 30 to 40 years old and black. He was last seen wearing a red jacket, blue jeans and brown shoes.
Anyone with information is asked to all the Woods detective bureau at 313-343-2412 or Crime Stoppers at 1-800-SPEAK-UP.
Source
A Man robs Citizens Bank on Summer St!
Boston police said they are searching for the man who robbed the Citizens Bank in Downtown Crossing yesterday morning. Police were notified at 11:42 a.m. that a man, wearing a blue baseball cap, entered the bank at 40 Summer St. and passed a note to the teller, said Officer James Kenneally, a spokesman for the Boston Police. According to information on the department’s Twitter account, the suspect is about 5 feet, 9 inches tall and has a thin build. The suspect did not show a weapon and no one was injured, said Kenneally.
article source: http://articles.boston.com
article source: http://articles.boston.com
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