Courtney Dupree, Rodney Watts, Thomas Foley, and Frank Patello, the senior managers of GDC Acquisitions, LLC, were arrested and charged with bank fraud conspiracy after scheming to defraud Amalgamated Bank approximately $21 million in credit.
GDC Acquisitions, LLC is a New York based holding and electrical company.
Between January 2007 and June 2010, the four defendants had allegedly inflated GDC’s accounts receivables from $9 million to $25.2 million to obtain and then maintain approximately $21 million of loans from Amalgamated Bank. Under Dupree’s orders, the defendants purportedly inflated their accounts receivables by booking fictitious sales.
The defendants also allegedly attempted to conceal the loan acquisition from Amalgamated Bank.
If convicted, each of the four defendants faces a maximum penalty of more than 10 years in prison.
