Aircraft Leasing Co. Ran $50M Fraud Scheme, Feds Say

Law360, Chicago (January 19, 2012, 9:17 PM EST) -- A federal prosecutor told an Illinois federal jury Thursday that two BCI Aircraft Leasing Inc. executives had orchestrated an investment scheme worth more than $50 million to bolster their business, while a defense attorney denied any fraud and said BCI's investors had actually profited.

The lawyers offered their dueling accounts during opening statements in the jury trial of BCI, its President Brian Hollnagel and one-time Chief Financial Officer and current Managing Director Craig Papayanis, who stand accused of running the fraudulent financing scheme by lying to...
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