Texas Businessman Admits To Bilking NY Lender Out Of $830K
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ROCHESTER, N.Y. (AP) — A Texas businessman has pleaded guilty to bilking a western New York lender out of more than $800,000 in a highway construction scam.
The U.S. Attorney's Office in Rochester says 44-year-old Bradley Boyd of Rhome, Texas, pleaded guilty Tuesday in federal court to wire fraud.
Prosecutors say Rhome owned and operated a Dallas-area concrete business involved in highway infrastructure projects. He entered into an arrangement with a Rochester-area lender that called for his business to receive cash in exchange for invoices owed to the Texas firm.
Authorities say Boyd prepared about $1.2 million in fraudulent invoices during a five-month period in 2011 and received about $830,000 in cash from the lender.
Boyd faces up to 20 years in prison and a $250,000 fine when he's sentenced November 15.
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