Former Construction Company Officer Sentenced to Five Years in Prison for Fraud Conspiracy
|U.S. Attorney’s Office April 16, 2014|
JACKSON, MS—H. Claiborne Frazier, of Jackson, was sentenced to serve 60 months in federal prison and pay a $10,000 fine for his role in a conspiracy with his brother, Austin W. Frazier, and his father, C.E. Frazier, Jr., to commit bank fraud, mail fraud, and wire fraud, announced U.S. Attorney Gregory K. Davis and FBI Special Agent in Charge Daniel McMullen. Frazier pled guilty to the charges on September 16, 2013. Austin and C.E. Frazier, Jr. were each sentenced on March 10, 2014. Austin W. Frazier was sentenced to 51 months in federal prison, to be followed by three years of supervised release. C.E. Frazier, Jr. was sentenced to 31 months in federal prison, to be followed by three years of supervised release. All defendants will be ordered to pay restitution in amounts to be determined by the court at a future date.
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 in connection with a $5.4 M construction loan and M&F Bank in connection with a $2.8M 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.
This case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Carla J. Clark is prosecuting the case for the government.