| , , ,

0 comments

Who IS this guy? FBI, other federal agencies charge Wilbur Anthony Huff of Louisville in massive $100 million insurance fraud

by

Boy, you know a guy is in trouble when seven federal agencies are mentioned in the announcement he’s been indicted for $100 million in fraud.

Everyone from the FBI to the IRS piled on Louisville businessman Wilbur Anthony Huff today as the feds unsealed an indictment against Huff.

The Manhattan U.S. Attorney filed a 13-count indictment charging Huff and two executives with Park Avenue Bank in New York with a $53 million tax evasion scheme “and other fraudulent schemes totaling over $100 million … in a massive insurance fraud scheme,” according to an announcement.

The information from the FBI is fairly vague. But it connects Huff to an investigation of Park Avenue Bank president and CEO Charles Antonucci, convicted two years ago for attempting to steal $11 million from the Troubled Asset Relief Program – commonly called the “bank bailout” during the Great Recession.

Today’s indictment represents “part two” in an ongoing investigation into crimes at Park Avenue. In unusually colorful language for federal bureaucracies, Huff is described as “a vortex of fraud” who also evaded over $50 million in taxes owed to the IRS and – along with Park Avenue executives Matthew Morris and Allen Reichman –  “plundered the assets of an insurance company, leading to its business failure.”

The bank was closed down by the FDIC last March.

Wow!

The Wall Street Journal, Bloomberg and other national news organizations also picked up the story.

The WSJ post by Chad Bray describes Park Avenue Bank as a small bank – $500 million in assets – specializing in commercial real estate loans. The bank failed after more than $27 million in losses during 2009. (Nothing compared to PBI’s $100 million in 2011 losses!)

Prosecutors alleged that Huff diverted millions of dollars in client money for his own use from O2HR, a Tampa-based firm that managed payroll, taxes and workers compensation obligations for clients, including the bank.

We couldn’t even begin to explain all the machinations between New York, Tampa and Oklahoma, of all places, that were part of this alleged fraud.

But you’re welcome to try to puzzle through this via stories at:

The Wall Street Journal

Bloomberg

BusinessWeek

Meanwhile, we’re digging on the Louisville end.

Who is this guy?

Comments

You may also enjoy