Former Chief Executive Officer of Mozaic Group Ltd. Pleads Guilty to Bank Fraud
St. Louis, MO –Mary Ann Gibson, 63, of St. Louis, Missouri, pleaded guilty to one felony charge of bank fraud. Gibson appeared this morning in front of United States District Judge Henry E. Autrey who accepted her plea and set her sentencing date for January 16, 2020.
According to court documents, Gibson obtained a line of credit for Mozaic Group Ltd. from Enterprise Bank and Trust and subsequently drew down on that line of credit to run the business. From approximately January 2016 through August 2017, Gibson falsely and fraudulently inflated the cash flow of the company she reported to the bank in order to maintain and increase the line of credit from Enterprise Bank and Trust. Mozaic and Gibson thereafter defaulted on the loan because Mozaic did not, in fact, have the cash flow Gibson reported to the bank. Gibson’s fraud resulted in a loss of approximately $2.5 million to the bank.
Gibson faces up to 30 years in prison and a fine of not more than $1,000,000 or both. Restitution is also mandatory. In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
The Federal Bureau of Investigation is investigating this case. Assistant U.S. Attorney Lindsay McClure-Hartman is handling the case for the U.S. Attorney’s Office.