News and Press Releases

Pinellas County Man Pleads Guilty To Facilitating Student Loan Fraud

FOR IMMEDIATE RELEASE
October 23, 2012

Tampa, FL - United States Attorney Robert E. O'Neill announces that James Isaac Boyd (40, St. Petersburg) today pleaded guilty to conspiring to commit student loan fraud, committing student loan fraud, and aggravated identity theft. Boyd faces a maximum penalty of twelve years in federal prison.

According to the plea agreement, in January 2006, James I. Boyd and Shaneva Boyd formed a Florida corporation - "Graduate Assistance and Consolidations (GAC)," located in St. Petersburg Florida. James Boyd was the sole director, president and treasurer of GAC. Boyd and co-conspirator Shaneva Boyd used GAC to carry out a student loan fraud scheme by assisting individuals who had neither a high school diploma nor a General Equivalency Degree (GED) with fraudulently enrolling for admission at St. Petersburg College (SPC) and then fraudulently applying for federal student financial aid. During the course of this scheme, James Boyd caused false statements to be made on student financial aid forms and directed dozens of financial aid checks for various individuals to be mailed to addresses associated with GAC.

On some occasions, James Boyd was paid a significant percentage of the proceeds by individuals when the checks were negotiated. In other instances, James Boyd falsely and fraudulently endorsed and negotiated financial aid checks made out to putative students, without those individuals' knowledge, often depositing the checks into bank accounts he controlled. James Boyd assisted individuals with applying for fraudulent federal student financial aid (loans and grants) totaling more than $400,000.00.

Shaneva Boyd pleaded guilty on August 6, 2012. She is scheduled to be sentenced on November 6, 2012.

This case was investigated by United States Department of Education, Office of Inspector General. It is being prosecuted by Assistant United States Attorney Cherie L. Krigsman.

 

 

 

 

 

 

 

 

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