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Transmar Cocoa CEO, Son Plead Guilty To $400M Bank Fraud

Law360 (March 9, 2018, 8:40 PM EST) -- A father and son pled guilty Friday in New York federal court to defrauding a group of lenders through false “borrowing base” reports designed to secure a $400 million line of credit for their cocoa trading company, Transmar Commodity Group Ltd., and face a maximum of 30 years in prison.

Peter G. Johnson, 69, and Peter B. Johnson, 38, each pled to one count of conspiracy to commit bank fraud and wire fraud affecting a financial institution. The pair, along with Transmar finance executive Thomas Reich,...
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