Former Northwest Arkansas Businessman Charged with Fraud and Money Laundering
|U.S. Attorney’s Office January 07, 2014|
FAYETTEVILLE, AK—Conner Eldridge, United States Attorney for the Western District of Arkansas, announced that Andrew Judkins, age 41 of Bixby, Oklahoma, appeared in United States Magistrate Court for arraignment before United States Magistrate Judge Erin Setser on charges for bank fraud, wire fraud, mail fraud, and money laundering.
U.S. Attorney Eldridge stated, “As alleged, this case involves a fraudulent scheme designed for personal gain. We remain dedicated to pursuing fraud cases and holding accountable those who swindle local businesses and others through deceitful schemes.”
“The allegations against Mr. Judkins underscore the commitment of the FBI, IRS, and U.S. attorney’s office in working together to investigate those who perpetrate fraud schemes and, by doing so, inject bad into our economy,” stated Howard S. Marshall, Acting Special in Charge for the FBI in Arkansas.
According to court documents, on December 11, 2013, Judkins was charged in a 12-count superseding indictment with defrauding two local financial institutions (Bank of the Ozarks and First Security Bank) and two lending companies, Wells Fargo Equipment Finance Inc. and GE Commercial Distribution Finance Corporation, in connection with his operation of a heavy equipment sales and rental company in Fayetteville, Arkansas. The name of his company was A. Camp Equipment, of which Judkins was the sole owner, operator, and managing member. According to the superseding indictment, Judkins obtained floor plan financing from the two banks and the two lending companies to buy inventory, such as dump trucks, bulldozers, and tractors. Judkins did not repay the banks and the lending companies when he sold the equipment; rather, he misled the two banks and the two lending companies by giving them false equipment rental agreements causing the lenders to believe their collateral was not sold but simply being rented out to a third party. Judkins then sold the equipment and kept the proceeds for his own personal use and benefit, such as putting a $200,000 down payment on a Beaver Lake house and buying a $47,000 collector’s automobile, among other personal expenditures, without repaying the banks and lending companies.
This case is being investigated by the FBI and the IRS. Assistant U.S. Attorney Kyra Jenner is prosecuting the case for the United States.
The charges in the indictment are only allegations. A person is presumed innocent unless or until he or she is proven guilty beyond a reasonable doubt in a court of law.