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Following a year-long series of court proccedings, the attorney for the owners of a Walpole, Mass., RV dealership accused of defrauding several local banks and two national banking institutions of nearly one-half million dollars informed a U.S. District Court magistrate that his clients are prepared to plead guilty to multiple conspiracy and bank fraud charges.
The Daily News Transcript, Needham, reported that Janet E. Smith and Thomas H. Cabana, owners of Trip Makers Inc., were indicted early last year and charged with engaging in a scheme in which they obtained more than $420,000 in bank loans and financing through the recreational vehicle sales and rental firm.
According to the indictment, the husband-wife owners initially sold RVs, induced purchasers to place their vehicles in a rental inventory controlled by the couple, and the pair subsequently used the vehicles as collateral for loans and financing they obtained from area banks and institutions in Indianapolis, Ind., and Chicago, Ill.
Throughout the conspiracy, from July 1998 through November 2000, Smith and Cabana obtained the funds while concealing the fact they were not the true owners of the RVs they offered as collateral.
Moreover, the indictment charged, the couple failed to notify the banks when the owners sold their vehicles out of the inventory maintained by Trip Makers.
The newspaper reported that in 30 days spanning August and September 1999 the pair obtained $88,000 financing for two 20-foot motorhomes. One year later, Smith and Cabana obtained an additional $70,000 by fraudulently executing bank loan documents to obtain the funds for the same vehicles. Smith was president and her husband was treasurer and clerk of Trip Makers.
U.S. Magistrate Judith Dein advised that a federal judge will schedule the plea hearing for next month.