Mug Shot Monday – Guilty Plea for False Statement to Bank after Texas Meat Company Defaults on Loans
December 9, 2013
by Bob Coleman
Editor, Coleman Report
A Texas meat company founded in 1940 abruptly closed its doors after 70 years, laying off hundreds of workers.
And now the small business owner will probably go to jail.
The son of the founder pled guilty to one count of bank fraud last week and faces the obligatory 30 years in jail and a $1 million fine.
Says the FBI, “According to information presented in court, Bobby Gene 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.”
Reported Channel 19 three years ago, “New Details, on Loggins Meat packing Company. CBS 19 brought you the story first Monday that Loggins was closing possibly due to defaulting on $10 million in loans. Now CBS 19 has learned more about the company’s assets.
“$9.25 million. That’s what the Smith County Appraisal District says Loggins Meat packing Company’s personal property is worth. That’s also about the same amount of money creditors say Loggins owes in defaulted loans.”
Read the Channel 19 report here