Home Richmond Press Releases 2009 Forest, Virginia Man Pleads Guilty to Wire Fraud, Bank Fraud

Forest, Virginia Man Pleads Guilty to Wire Fraud, Bank Fraud
Garrett Lloyd Admitted Today to Stealing Money from his Employer

U.S. Attorney’s Office November 03, 2009
  • Western District of Virginia (540) 857-2250

LYNCHBURG, VA—A Forest, Virginia man who used company issued credit cards for personal use is facing significant time in Federal prison after pleading guilty today to a pair of fraud charges.

Garrett Anderson Lloyd, a.k.a. “Gary Lloyd”, 51, pled guilty today to one count of wire fraud and one count of bank fraud. The maximum penalty faced by the defendant is 20 years’ of incarceration and a fine of up to $250,000 for the wire fraud count and a maximum penalty of 30 years’ incarceration and a fine of up to $1,000,000 for the bank fraud count.

“The United States Attorney’s Office is committed to investigating and prosecuting all individuals who use positions of trust to commit financial fraud,” United States Attorney Timothy J. Heaphy said today. “Mr. Lloyd used his position as an office manager to steal money to which he was not entitled. He did so out of greed and with the knowledge that his actions were criminal.”

According to the plea agreement entered in court today, Lloyd admitted that while working as the office manager for his cousin’s business, Steve Lloyd & Company, Inc., he was responsible for all of the company’s day-to-day financial management, including bill and tax payments.

Beginning in 2000, Lloyd used company-issued American Express credit cards for personal and unauthorized purchases such as dinners out, grocery shopping, liquor, medical items, music, trips and clothing. Lloyd also paid for his personal credit card debt with company funds.

In addition, Lloyd encouraged other employees of Steve Lloyd & Company to use their corporate credit cards for personal expenses and obtained a corporate credit card for his wife, who was not authorized to possess such a card and was not an employee of Steve Lloyd & Company. All of these actions were taken without authorization from Steve Lloyd.

The investigation of the case was conducted by the Federal Bureau of Investigation. Assistant United States Attorney Jennie L.M. Waering is prosecuting the case for the United States.