NEW YORK (AP) — Three former executives of a major cocoa company have been charged with defrauding lenders out of hundreds of millions of dollars by lying about the company's finances.
Acting Manhattan U.S. Attorney Joon Kim on Tuesday announced the arrests of executives of Transmar Commodity Group Limited.
He says evidence against the men includes emails in which the defendants discuss using fake financial records to maintain a $250 million to $400 million line of credit from banks.
Prosecutors say the fraud ran from at least 2014 through at least December 2016.
Those charged in an indictment were identified as Peter G. Johnson, of Harding Township, New Jersey, Peter B. Johnson of Morristown, New Jersey, and Thomas Reich of Montvale, New Jersey. Lawyers for the men did not immediately return messages seeking comment.