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RW Professional Leasing ---Up-Date Readers ask us for an up-date, but similar to the Commercial
Money Center bankruptcy filing, the RW Professional arrests by the FBI
are going through the judicial system as well as the suit bought by
a consortium of community banks allegedly charging fraud and misrepresentation by the company and its officers. We reported
on NetBank and Lakeland bank: http://www.leasingnews.org/Conscious-Top%20Stories/New_update_cmc.htm http://www.leasingnews.org/Conscious-Top%20Stories/netbank_SEC_filing.htm Here is the original story from Newsday regarding RW Professional
Leasing: RW Professional Leasing Arrests June 26, 2002 By Robert E. Kessler News Day STAFF WRITER Long Island Four officials of an Island Park-based leasing company were
arrested by FBI agents Friday on charges that they engaged in a complex
series of schemes to defraud lending institutions around the country
of millions of dollars in loans that were ostensibly meant to finance
the leasing of medical equipment. Agents hurriedly raided the offices of RW Leasing Services
at 4584 Austin Blvd., Island Park, and a satellite office in Wellesley,
Mass., because an informant told investigators the company's records
were being destroyed, according to Assistant U.S. Attorney Gary Brown
and an FBI affidavit filed in support of a search warrant. One official of the firm said several officers were planning
to flee to Greece with their families, according to the affidavit.
An ongoing investigation indicated that at least 12 banks
nationwide had possible losses of more than $6.5 million, the affidavit
said. But the informant said that as many as 90 other loans may
have been involved in the scheme, indicating the alleged fraud might
be as large as $200 million. Brown said in U.S. District Court in Central Islip late Friday
that the case was "conservatively a tremendous fraud." RW Leasing Services has specialized for 20 years in obtaining
loans for physicians, dentists, veterinarians and optometrists to finance
the long-term leasing of expensive medical equipment such as X-ray machines.
The company then managed the leases, collecting payments on the loans
and passing them on to the lending institutions, the affidavit said.
Among the various frauds in which the company allegedly engaged
were: obtaining loans and not passing them on to their medical clients;
obtaining loans for nonexistent practices and pocketing the money; and
obtaining loans from several banks for the same lease. Brad Simon, the attorney for the president of the company,
Rochelle Besser, said his client was not guilty and he "will defend
the case vigorously." Besser was held as a possible flight risk
pending a hearing tomorrow in U.S. District Court in Central Islip.
Others arrested were Besser's brothers, senior vice president
Barry Drayer and Roger Drayer, whose title was not given; and Jennifer
Tarantino, Roger Drayer's daughter, a company employee. They were released
on varying bails. The latest for RW Professional was for a conference hearing before the trail set for March 28, but the government was
granted ... (53-11 motion for a short
adjournment of the 3/328/03 status conference as to RW Professional
(1), Rochelle Besser (2), Barry Drayer (3),reset 3/28/03 status conference
for 4/11/03 @ 9:00ao a.m. for RW Professional, Rochelle Besser, Barry
Drayer before USDJ Spatt (signed by Judge Arthur D. Spatt, on 3/20/03)EDO
#53 (lac) (Entry date 03/26/03) 3/27 54 SUPERSEDING
INDICTMENT as to RW Professional (1) count(s) 1s, 2s-6s, 7s,Rochell
Besser (2) counts(s) ls, 2s-6s, 7s, Barry Drayer (3) counts 1s,2s-6s,
7s, Roger Drayer (4) counts(s) 1, Adam Drayer (5) counts(s) 1, Susan
Cottrell(5) count(s) 1, Payaddi Shivashankar(7) counts(s) 1, 4-6. (lac) Arrest warrants where the issued and signed by Magistrate
Judge E. Thomas Boyle for Payaddi Shivashankar, Roger Drayer, Adam Drayer
and Susan Cotrell. The other parties evidently remain in "house arrest"
with electronic surveillance, required "court permission"
to leave their residence. as per Criminal Dociter for Case # 02-CR-767-ALL USA v. RW Professional,
et. al. http://www.leasingnews.org/Conscious-Top%20Stories/RW_update.htm http://www.leasingnews.org/Conscious-Top%20Stories/RWprofessional_1.htm
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