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Businessman Sentenced To 10 Years For Bank Fraud, Must Pay $5.69 Million

By Conaway and Strickler

In an example of the serious nature of Georgia White Collar Crime, a McDonough man was sentenced to 10 years in prison for bank fraud on Monday, February 11th, according to an Atlanta Journal-Constitution report. U.S. District Judge Timothy Baiten also ordered the businessman to pay $5.69 million in restitution. Jason Slaughter, 43 was president of S&W International Foods, a Forest Park Company that sold meats and freshly baked biscuits. He was charged with 31 felony counts of fraud for his part in a scheme to defraud Branch Banking & Trust of approximately $6 million. By manipulating accounts receivable and inventories by more than 200 percent he was able to obtain a BB&T line of credit for his company. To justify the scheme, S&W kept two sets of financial books ? one they showed to BB&T auditors, one that reflected the true financial position of the company...continue to full post

Full post as published by Georgia Criminal Defense Blog on February 07, 2008 (boomark / email).