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The full RW Professional Story

The sentencing procedure of Barry Drayer and Stephen Barker continues with motions to have the convictions overturned.

U.S. Attorney Roslynn R. Mauskopf, with assistant US Attorneys Steven Tricione and Linda Lacewell, outline in specific detail the leasing frauds of the two convicted men.

It is basically a recap of all the governments evidence and their presentation, distilled into a 153 page document presented to the court that reads like a novel, with a "who's-who" and "what's-what" in what is one of the largest leasing scandals in U.S. history.

Barry Drayer, 66, of Wellesley, Massachusetts, Vice-President of RW Professional, who claimed he was "just a salesman," was found guilty, as well as Stephen Barker, 42, of Lake Forest, California. Drayer never took the stand to answer any questions. Sentencing may be up to 30 years in jail. Even if Drayer serves half the time for good behavior, he most likely will not be out until he is 81 years old. The drama is about to end.

The verdict came in on February 15, 2006 with sentencing to follow.

It was estimated at the time it would take three to four months. During this time, appeals, motions, and other actions have been taken, again to most likely put the government in the position to “work out a deal.” From the testimony in the case as indicated in the 153 “memorandum of law,” this has been Barry Drayer standard finagling. The “memorandum” presents testimony that he has done this to his family, to his close friends, and his funding sources throughout his career, clearly outlined by the United States attorney's office.

Leasing News has followed this not just from June 21,2003, the date forty FBI agents raided the offices of RW Professional Leasing in Island Park, NY, but as part of the Sierra Cities/First Sierra portfolio and leads to CIT, Vanguard Leasing and Old Kent (several stories co-written with Charlie Lester.)

Originally, it was about money, around $9 million. It grew to perhaps $100 million dollars in contention, counting what the FBI claims, the American Express Business Finance law suit, Crawford and other community banks, plus the $38 million the Bank of New York was charged for its “money laundering” by a specific person, setting up phony bank accounts, working with RW Professional on the scheme.

Here for the first time are the specific details and the chain of events that lead up to the two arrests:

153 pages: Government's Memorandum of Law in opposition to Defendants Rule 29 and rule 33 motions.