PinnLeasing---Grand Jury Indictment Now Public
In the original filing, PinnLeasing former president Tommy Larsen ( from June, 1999 to March,2001) denied claims that involved not only himself, but “Copyfax,” which charged payments in the millions of dollars, plus “fraudulent, non-$1.4 million in direct payments.
The claim also alleges $108,200 in transfer of assets, plus $1,000,000 in compensation above his contracted salary of $180,000, plus non-payroll of $419,940.87, not including $713,292.07 in American Express Credit Card payments from 1999 to 2001.
Leasing News spoke to Mr. Larsen, 53, who believed he would be found
“not guilty.” He recently was charged with a 23-count indictment that includes charges of conspiracy to commit mail and wire fraud, conspiracy to commit money laundering, perjury, subornation of perjury, obstruction of justice and tax evasion. The judge denied him bail, it was reported.
Page 4 of the February 2001 Grand Jury United Sates District Court,
Southern District of California, now a public document:
“16. In furtherance of this conspiracy, defendant Tommy A. Larsen and other conspirators used the following methods and means, among others: they:
a. created and funded fraudulent equipment leases;
b. provide materially false PinFund financial statements to creditors such as banks and other financials institutions, knowing said financial statements to be materially false:
c. created material false and misleading equipment invoices, including by the following means:
(i) inflating the prices of equipment listed on the invoices;
(ii) failing to disclose that equipment listed on the invoice was not new;
(iii) failing to disclose that the transaction represented in the invoice was sale-leaseback between Copyfax/3KL and PinnFund or PinnFund’s own used equipment, rather than a sale by Copyfax/3KL to PinnFund of new equipment; and
(iv) listing equipment that did not exist at PinnFund, and was never delivered
d. engaged in sham transactions relating to those false and misleading invoices;
e. provided materially false invoices to creditors, knowing said invoices to contain material false information and material omissions.
f. provided PinnFund kickbacks of the funds advanced by creditors based upon the false invoices and false financial statements the creditors had been provided;
g. rigged creditors’ inspections of their leased equipment, including by altering serial numbers on the equipment at PinnFund to conform with creditors’ expectations.
h. provided regular payments to creditors, usually directly from PinnFund but occasionally through other means; and
i. provided short-term loans to PinnFund to cover cash flow problems between
installments of fraud processes.
The allegations include several involving PinnFund president Fanghella and
others ( who have turned state’s evidence to receive a lesser charge. editor).
Among the creditors defrauded are mentioned Dolsen Leasing Co.,Yakima,WA
and Scripps Bank, San Diego, CA.
There are also charges of perjury and other fraud with documentation in the 21
page February grand jury report now public.