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PRESS RELEASE: Defendant James Edward McIntire Defrauded Opportunity Bank of Nearly $2 Million

Department of Justice
U.S. Attorney’s Office
Northern District of Texas
FOR IMMEDIATE RELEASE
Thursday, March 17, 2016
Dallas Businessman Admits Fraud

Defendant Defrauded Opportunity Bank of Nearly $2 Million

DALLAS — James Edward McIntire, 52, of Dallas, appeared this morning before U.S. Magistrate Judge Paul D. Stickney and pleaded guilty to one count of bank fraud regarding a line of credit he applied for and obtained from the bank, announced U.S. Attorney John Parker of the Northern District of Texas.

McIntire faces a maximum statutory penalty of 30 years in federal prison and a $1 million fine. Restitution is mandatory. McIntire remains on bond; a sentencing date was not set.

According to documents filed in the case, McIntire founded the business, McIntire and Associates (MA). To support ongoing operations, MA often needed to obtain loans and/or lines of credit from banks or from some other funding source. MA would often provide security for the line or line of credit by using MA’s accounts receivable as collateral for the loan.

From approximately April 2008 through May 2009, McIntire ran a scheme to deceive and fraud Opportunity Bank of Richardson, Texas, in order to fraudulently obtain approval of a $2 million line of credit from the bank, using MA’s accounts receivables as security. When MA initially applied for the line of credit, McIntire falsely represented and fraudulently inflated the total amount of MA counts receivable submitted to Opportunity Bank in order to mislead and deceive the bank about the collateral’s true value.

McIntire admits that in order to maintain access to this line of credit he fraudulently inflated the value of MA’s accounts receivables to have access to a higher line of credit than what Opportunity Bank would have extended to him had he disclosed the true value of MA’s accounts receivables. In addition to submitting a large number of false and fraudulent weekly and monthly accounts receivable schedules to Opportunity Bank, McIntire also created fictitious packing slips and invoices for MA products that were not actually shipped to the customer, which caused the dollar value of the MA accounts receivable to be falsely inflated.

McIntire failed to repay the line of credit to Opportunity Bank, causing the bank to suffer a loss of $1,997,215.

The FBI is investigating the case. Assistant U.S. Attorney David Jarvis is in charge of the prosecution.

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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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