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PRESS RELEASE: James Smith, Fourth Individual in Dynus Investigation Sentenced to 15 Months in Prison for Fraud, Tax Crimes

U.S. Attorney’s Office
August 02, 2011

Southern District of Ohio
(937) 225-2910

Fourth Individual in Dynus Investigation Sentenced to 15 Months in Prison for Fraud, Tax Crimes

CINCINNATI—James Smith, 43, of Lebanon, was sentenced in U.S. District Court today to 15 months’ imprisonment for his role in a scheme to mislead lenders and secure more than $10 million in loans and lines of credit for Dynus Corporation in connection with a countywide fiber optics installation project in Butler County. Smith was also ordered to pay more than $4 million in restitution.

Carter M. Stewart, United States Attorney for the Southern District of Ohio; Edward J. Hanko, Special Agent in Charge, Federal Bureau of Investigation; and Tracey L. Warren, Acting Special Agent in Charge, Internal Revenue Service Criminal Investigation announced the sentence imposed today by Senior United States District Sandra S. Beckwith.

Smith pleaded guilty on February 16, 2007 to one count of bank fraud and one count of failure to file a federal income tax return.

Smith was president of Dynus and conspired with others to help the company fraudulently secure funds from lenders by signing fraudulent documents and submitting false information to auditors.

The owner of Dynus Corporation, Orlando Carter, 45, of Mason was sentenced on June 9, 2010 to 15 years’ imprisonment and ordered to pay restitution in the amount of $4,927,085. A federal jury convicted Carter on August 18, 2009 of five counts of bank fraud, and one count each of mail fraud, conspiracy to commit mail and wire fraud, conspiracy to commit bank fraud, making false statements to the Small Business Administration, bankruptcy fraud, and making false oaths in a bankruptcy proceeding.

Former Butler County Auditor Mary Catherine (Kay) Rogers was sentenced on July 26, 2011 to 24 months in prison and ordered to pay restitution to National City Bank in the amount of $4 million for conspiracy and filing a false income tax return.

Former Dynus executive Karin Verbruggen, 54, of Loveland, pleaded guilty on February 2, 2007 to one count of bank fraud. She was placed on five years of court supervision beginning in October 2009 and ordered to pay $4,079,459.71 in restitution to Fifth Third Bank.

Stewart commended the FBI and IRS agents who conducted the investigation along with Assistant U.S. Attorney Jennifer Barry and former Assistant U.S. Attorney J. Richard Chema, who prosecuted the cases.

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Most of the information you will see comes from some Federal/state Government documents or Federal/State Governm Agency. -----------------------------------------------The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783 Fredericacade@gmail.com

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