Pepper Pike Man Charged with Making False Statements Related to $1 Million in Loans
A criminal information was filed charging Allen D. Youngman with making false statements to a federally-insured financial institution, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.
Youngman, age 59, of Pepper Pike, owned Lakeside Scrap Metals, Inc., and related scrap metal companies. On behalf of Lakeside, Youngman obtained an asset-based loan that permitted borrowing against Lakeside’s accounts receivable and inventory from from First Merit Bank, a federally-insured financial institution.
Between approximately March 26, 2012, and August 14, 2012, Youngman prepared and submitted fraudulent receivables invoices, that permitted drawing up to 85 percent of the invoice totals. Youngman provided First Merit with eight fraudulent invoices that allowed him to draw approximately $1,007,347 on the loan, according to the information.
This case is being prosecuted by Assistant U.S. Attorney James V. Moroney following an investigation by the Federal Bureau of Investigation.
If convicted, the defendants’ sentences will be determined by the court after a review of the federal sentencing guidelines and factors unique to the case, including the defendant’s prior criminal record (if any), the defendant’s role in the offense and the characteristics of the violation.
A charge is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.