Barry Drayer-R.W. Professional

Speaking of sierra Cities/First Sierra, Depping's old time friend Barry Drayer of RW Professional, one time master of the medical lease, under house arrest the last few years for what prosecutors described as nationwide bank frauds that could total $200 million, has reportedly filed personal and business bankruptcy. This has not been confirmed, nor has it been proved in a court of law that that Lease payoffs were never returned to the bank, a good number of leases were double-dipped, and others did not exist at all, it is claimed.

Prosecutors said that the company, the RW Professional Leasing Corporation, concocted elaborate schemes using up to 100 rented mailboxes as far away as California to send phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said.

The alleged schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased, prosecutors said. American Express Business Finance and a group of community banks also have a $30 million law suit pending the outcome of this trial. The actual man behind the scenes was allegedly Barry Drayer, who reportedly had a similar problem with Old Kent Funding, CIT Financial, and Sierra Cities.

As last reported, http://www.leasingnews.org/Conscious-Top%20Stories/RW_update12.htm, the October 25 trial was postponed when the lead prosecutator was replaced as he evidently moved on to a better job. An inside source says that everyone but Barry Drayer and Steve Barker had taken a plea bargain deal. Supposedly even Barry Drayer's sister, Rochelle Besser, the "dummy" president of the company, has agreed to testify against him. Insiders keep saying that the delay is his old trick of stalling, waiting for witnesses to change, prosecutors to move on, and everyone to just get too tired to pursue. The problem here may be he is now out of "chump change," even having to endure a public defender (his second one, too, as the case goes on and on, since June 20, 2001.)