FOR IMMEDIATE RELEASE:
WEDNESDAY - August 6, 2008
LITTLETON MAN RECEIVES TWO YEARS IN PRISON FOR BANK FRAUD
RALEIGH - Acting United States Attorney John S. Bruce announced that in federal court, yesterday, United States District Judge James C. Dever, III, sentenced RONALD DUANE WHITE, 46, of Littleton, North Carolina, to two years’ imprisonment for bank fraud. A Criminal Information was filed on December 3, 2007 and on January 14, 2008, WHITE entered his guilty plea. This case relates to false and fraudulent representations made to BB&T by WHITE, acting as President of Eaton Ferry Sales and Services, Inc., a marina and boat dealership operating primarily in Littleton, North Carolina. The Court found that WHITE falsely represented to BB&T in documents pertaining to both a March, 2005, $1.8 million line of credit expansion with BB&T and an October, 2005, $600,000 loan from BB&T that the inventory used as collateral for these agreements was free of all adverse claims or interests. In fact, WHITE had previously pledged this same inventory as collateral to another lending institution in January of 2005. The Court also found that WHITE’s criminal activities were responsible for $2,442,048.63 in losses.
In commenting on this case, Mr. Bruce stated: “This type of fraudulent behavior puts the financial institutions and lending markets that so many of our citizens depend on at risk, and it is imperative that this type of criminal conduct be deterred.”
Robert Trumbo, Resident Agent in Charge of the Raleigh Resident Office of the United States Secret Service noted: “Regardless of how elaborate a scheme, the United States Secret Service will continue to aggressively pursue those who prey on financial institutions and ultimately the public's trust.”
Investigation of the case was conducted by the United States Secret Service. Assistant United States Attorney Jason H. Cowley served as prosecutor for the government.
News releases are available on the U. S. Attorney’s web page at www.usdoj.gov/usao/nce within 48 hours of release.