Former CEO of USA Dry Van Logistics Pleads Guilty

Sergio Fernando Lagos has pleaded guilty to six counts of wire fraud and conspiracy to commit wire fraud. He is facing up to 20 years in prison and $250,000 in fines. According to records the former CEO, along with former COO Aleman, had a line of credit agreement with GE. By 2010 the line of credit was increased to $38 million when Lagos concealed Dry Van Logistics decreasing numbers. GECC’s loss is estimated at $26 million.


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