Former Chief Executive Officer of Mozaic Group Ltd. Sentenced for Bank Fraud
St. Louis, MO –Mary Ann Gibson, 63, of St. Louis, Missouri, was sentenced to 22 months in prison for her role in embezzling from her former employer. Gibson appeared this morning in front of United States District Judge Henry E. Autrey.
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.
"Fraud schemes like this victimize more than just the financial institutions, which have a finite amount of money to lend," said Special Agent in Charge Richard Quinn of the FBI St. Louis Division. "In this case, the embezzled $2.5 million could have been used by other honest businesses that grow our economy."
The Federal Bureau of Investigation investigated this case. Assistant U.S. Attorney Lindsay McClure-Hartman handled the case for the U.S. Attorney’s Office.