Montana Man Pleads Guilty In Connection With $43 Million Fraud Scheme

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced today that TODD CAPSER pled guilty this morning before U.S. District Judge J. Paul Oetken to one count of wire fraud, in connection with a $43 million fraud scheme.

U.S. Attorney Geoffrey S. Berman said: “Todd Capser purported to be a legitimate businessman and convinced a Canadian financial institution to lend him more than $43 million. But the loan was based on a mountain of false information from Capser. Then, to further his fraud, Capser attempted to induce other financial institutions to loan him additional money. Today, Capser admitted his guilt and now faces significant time in prison for his crimes.”

According to the Indictment and other documents filed in the case, as well as statements made during the plea proceedings:

From January 2016 through April 2019, CAPSER perpetrated a scheme to defraud a financial institution based in Toronto, Canada (“Financial Institution-1”), by inducing it, through false and misleading representations and omissions, to loan approximately $43.3 million to an entity incorporated by CAPSER (“Capser Entity-1”), for the purchase of two chemical and oil tankers (the “Tankers”).

Read more: https://www.justice.gov/usao-sdny/pr/montana-man-pleads-guilty-connection-43-million-fraud-scheme