U.S. Attorney John Parker announced Thursday the owner of McIntire and Associates was sentenced to 27 months in prison for bank fraud. Fifty-four-year-old James Edward McIntire of Dallas obtained multiple lines of credit and/or loans to fund his business.
From at least March 2008 through September 2009, McIntire defrauded Richardson-based Opportunity Bank of $1,997.215. He inflated his company’s accounts receivables as security to obtain a $2 million line of credit from the victim bank, according to court records.
McIntire submitted many fraudulent weekly and monthly accounts receivable schedules to the bank to access a higher line of credit. If he had disclosed the true value of McIntire and Associates’ accounts receivables, the line of credit would have been much lower.
McIntire created bogus invoices and packing slips for his company’s products that were shipped to the customer, causing the dollar value of McIntire and Associates’ accounts receivables to be falsely inflated.
Over an 18 month-period, McIntire repeatedly submitted falsely inflated accounts receivable figures to the victim bank. So, he could continue to make draws on the line of credit, according to court documents.
Opportunity Bank suffered a loss of $1,997,215, because McIntire failed to repay the line of credit.