Alexandria man indicted for $198,000 bank fraud scheme, lying on loan applications

ALEXANDRIA, La. – United States Attorney David C. Joseph announced that a federal grand jury returned a three-count indictment on June 26, 2019, charging Roger D. Boggs, 50, of Alexandria, with bank fraud and making false statements on loan applications in order to receive more than $190,000.  Boggs was charged with one count of bank fraud and two counts of false statements on loan applications.

According to the indictment, Boggs engaged in a series of schemes to obtain a commercial loan from Red River Bank between May 2015 and March 2016. Boggs submitted fraudulent stock certificates and signed a fraudulent mortgage in support of his loan request, specifically, on June 5, June 11 and September 25 of 2015.  Among other things and in an effort to influence the bank to grant his loan application, Boggs falsely claimed that he owned 26 million shares of the company American Specialty Alloys Inc. (ASA), which he valued at $9 a share and pledged 1 million ASA shares to the bank as collateral.  Boggs requested an additional disbursement to the loan on June 11, 2015, and he renewed the existing loan on September 25, 2015, both times pledging 1 million shares of ASA stock as collateral. 

Boggs also fraudulently offered the bank a mortgage on real estate he allegedly owned in Kentucky but failed to inform the bank that he had previously sold the property on September 12, 2015.  The bank disbursed a total of $198,712 to Boggs in reliance on the false information he provided.

If convicted, Boggs faces 30 years in prison for each count of bank fraud and false statement on a loan application. He also faces up to five years of supervised release, a $1 million fine and restitution.

The FBI conducted the investigation.  Assistant U.S. Attorney Tiffany E. Fields is prosecuting the case.

An indictment is merely an accusation and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.