Thursday, April 09, 2009

So, Can Anyone Else Figure Out What Was Going On Here?

From an article in today's SN-L*:

A South Carolina man was indicted today by a federal grand jury in Springfield for his role in defrauding an Oregon company of nearly $4 million with fake invoices.

Simpsonville, S.C. resident Christopher Levanto worked with an unnamed and unindicted co-conspirator in Springfield, a news release from Acting United States Attorney Matt J. Whitworth said.

Levanto and the unnamed Springfield resident created fraudulent invoices that were sent to Yakima, an Oregon company that currently manufactures and distributes luggage and bicycle racks; previously, the company also manufactured and distributed water craft.

Levanto’s alleged mail fraud and money laundering occurred from Sept. 24, 2001 to May 26, 2006.

According to the news release, the Springfield resident “Mr. A” was a contract employee for Yakima. Mr. A submitted fraudulent invoices from a fictitious company — Cooper Enterprises — to Yakima, claiming freight that was never hauled was hauled. Mr. A received $3,759,370 through the scheme. He recruited Levanto in to represent himself as an employee of Cooper Enterprises and to answer questions from Yakima about the invoices. Levanto received about $1 million for his role in perpetrating the Cooper Enterprises scheme against Yakima, the news release said.

If found guilty, Levanto and his buisnesses (sic) would have to forfeit $3,992,935 to the government, as well as other funds in the business bank accounts.
Here is a bit more information from Bicyle Retailer News at this link and this lonk.

It's a complicated scene but if you can understand how Milo was able to buy eggs for seven cents in Malta, sell them for five cents and still make a profit for the syndicate- of which everyone had a share, including Hungry Joe, then you will be able to follow this scheme.

You may even be able to understand the stimulis package, fix boats or run a tanning salon.

*The article cited was in the online edition of the SN-L. A print version of the story by-lined by News-Leader staff appears on page 3A of the April 10, 2009 print edition of the SN-L. The online edition refers to an "un-named and un-indicted co-conspirator" while the print edition refers to "an un-named co-conspirator".

1 comment:

Anonymous said...

Damn, why can't I ever come up with something like this??????

Oh well.... life on the farm goes on