East Texas Businessman guilty of loan fraud - KYTX CBS 19 Tyler Longview News Weather Sports

East Texas Businessman guilty of loan fraud

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U.S. Attorney's Office/Eastern District of Texas:

SMITH COUNTY (KYTX) - A 58-year-old Tyler, Texas man has pleaded guilty to federal violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales. 
Bobby Gene Loggins pleaded guilty to an Information charging him with making false statements to a bank today before U.S. Magistrate Judge John D. Love.
According to information presented in court, Loggins has been affiliated with Loggins Meat Company (LMC) in Tyler for more than 30 years.  During most of that time, Loggins served as President and Chief Executive Officer of LMC. 

The company was founded in 1940 by Loggins' father and operates as a wholesaler, retailer, and processor of meat and meat products. 

In March 2009, Loggins applied to Bank of Tyler for a revolving line of credit.  In connection with the loan application, Loggins provided fraudulent financial information for LMC.  Following approval of the loan, Loggins continued to provide false financial data when seeking advances on the credit line.  Ultimately, LMC ceased operation in about August 2010. 
Loggins faces up to 30 years in federal prison and a fine of up to $1 million.  A sentencing date has not been set.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Frank Coan.
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