Denham Springs man sentenced to repayment of $1.2-million, two years in jail, for bank fraud, money laundering
BATON ROUGE, LA — A Denham Springs man was sentenced to 46 months in jail and restitution payments of over $1.2-million for bank fraud and money laundering.
Steven Harold Loga, 42, was sentenced by Senior United States District Court Judge Frank J. Polozola. Along with the jail time and restitution payments, Loga will serve a 2 year supervised release sentence as well.
Loga pleaded guilty to a two count Bill of Information, which charged him with bank fraud and money laundering.
Logo was the owner and operator of Warehouse Food Group, a Baton Rouge wholesaler that sold seafood to food service companies. Officials say that between June 2008 and October 2008, Logo defrauded Fidelity Bank by obtaining credit advances secured by fraudlent collateral. The bank lost approximately $1,229,745 as a result of the scheme, which is the amount Loga has been ordered to repay.
The charge of money laundering comes into play after Loga collected the funds and then proceeded to another bank.
Donald J. Cazayoux, Jr., United States Attorney, stated that “This is another case which demonstrates our commitment to going after white collar criminals who seek to undermine our financial institutional systems. This plea is the result of the collaborative efforts of the IRS and FBI with our office, and we look forward to continuing these joint efforts to catch and punish fraudsters.”
Jim Lee, Special Agent-in-Charge, IRS-Criminal Investigation, stated that “IRS stands ready to partner with all law enforcement agencies to pursue individuals who commit bank fraud and money laundering which negatively impact our community and economy.”
David Welker, Special Agent-in-Charge, FBI-New Orleans Field Division, stated that “White collar crimes such as this continue to erode the stability of our economy. The FBI will continue to collaborate with our law enforcement partners to identify, aggressively investigate, and bring to justice, those individuals that would defraud our financial institutions.”
This matter was investigated by Special Agents of the Internal Revenue Service-Criminal Investigations and the Federal Bureau of Investigation. The matter is being prosecuted by Assistant United States Attorney René I. Salomon.