4 men charged in conspiracy to commit fraud, launder money - MSNewsNow.com - Jackson, MS

$5M bank scheme lands 4 in federal court

Posted: Updated:
Thirty-eight-year-old Austin Frazier, 64-year-old C.E. Frazier, and 40-year-old Claiborne Frazier, who now live in Florida, are charged with bank fraud, mail fraud, wire fraud and money laundering. Thirty-eight-year-old Austin Frazier, 64-year-old C.E. Frazier, and 40-year-old Claiborne Frazier, who now live in Florida, are charged with bank fraud, mail fraud, wire fraud and money laundering.
JACKSON, MS (Mississippi News Now) -

Four men connected with a former Jackson-area construction company were indicted Tuesday in federal court.

The men, all relatives, are charged with conspiracy to commit fraud and money laundering. They are accused of defrauding at least four banks of $5.5 million.

The FBI investigation resulted in charges by the U.S. Attorney's Office against the owners and operators of C. E. Frazier Construction Incorporated and their related businesses.

Thirty-eight-year-old Austin Frazier, 64-year-old C.E. Frazier, and 40-year-old Claiborne Frazier, who now live in Florida, are charged with bank fraud, mail fraud, wire fraud and money laundering. Spencer Copeland, 37, of Madison, is the step-brother of Austin and Claiborne Frazier, and is charged with money laundering.

According to the indictment the men made false and misleading statement to banks to obtain loans to build condominiums. After completion of the buildings, in some cases, the men are said to have sold the condos and keep the money rather than repaying the loans.

[View federal court indictment PDF.doc]

Listed in the indictment are Bancorp South, Merchants and Farmers Bank, Regions and Travelers.

The complex schemes date back to 2001. All four entered not guilty pleas and were released under $10,000 bond. A trial for all four has been set for Feb. 5 before U.S. District Judge Dan Jordan III.

Attorney John Colette represents Austin Frazier.

"This is a two count indictment we just received involving some activities that occurred back in 2003 with this company, and we're going to review it and try to address it here shortly...We are going to get discovery in the next day or two and take a look at it. I'm assuming it's a lot of documents, so I don't know if that February dates going to be firm," said Colette.

Copyright 2012 MSNewsNow. All rights reserved.

Powered by WorldNow