Three Former Construction Company Officers Plead Guilty to Fraud Conspiracy
| U.S. Attorney’s Office September 17, 2013 |
JACKSON, MI—H. Claiborne Frazier, 41; Austin W. Frazier, 38; and C.E. Frazier, Jr., 65; all from the Jackson metro area, pled guilty in federal court on Monday, September 16, 2013, for their roles in a conspiracy to commit bank fraud, mail fraud, and wire fraud, announced U.S. Attorney Gregory K. Davis and FBI Special Agent in Charge Daniel McMullen.
From January 2003 through at least June 2008, the Fraziers conspired to commit bank fraud, mail fraud, and wire fraud through Frazier Construction Company Inc., Frazier Development Company LLC, Van Buren LLC, and Olde Colony LLC. The Fraziers defrauded BancorpSouth Bank on a $5.4 million construction loan and M&F Bank on a $2.8 million construction loan. They also defrauded their bonding company, Travelers Casualty and Surety Company of America, to get funding to pay Frazier Construction subcontractors and to obtain funding to continue the daily business operations of Frazier Construction to complete its outstanding construction projects.
The Fraziers will be sentenced on January 9, 2014. Claiborne Frazier faces a maximum sentence of 30 years in prison and a $250,000 fine. Austin Frazier and C.E. Fraizer each face a maximum sentence of five years in prison and a $250,000 fine.
This case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Carla J. Clark is prosecuting the case for the government.