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News
Rubashkin
Arrested on Fraud Charges
Posted 15 November 2008
Former CEO of Agriprocessors,
Sholom Rubashkin, was arrested again yesterday, Friday, Nov. 14, on
charges of bank fraud.
Investigators say Rubashkin allegedly diverted millions of dollars in
customer payments in order to alter the value of the company's accounts
receivable. The criminal complaint claims this gave Agriproccesors the
ability to borrow additional money without the proper collateral. It
also maintains Rubashkin told an employee to delete evidence from the
Agriprocessors computers the day after Rubashkin appeared in court on
other charges.
Rubashkin was originally arrested on Oct. 30 on charges of conspiracy
to harbor undocumented aliens for profit, and aiding and abetting
aggravated identity theft.
Rubashkin was released the same day on conditions he wear a GPS ankle
bracelet, limit his travel to northern Iowa, surrender his and his
wife's passports, and provide a $1 million appearance bond with
$500,000 to be secured.
Rubashkin's latest charges were allegedly done while he was out on
bond, so the judge ordered Rubashkin to remain in custody until a
detention hearing to be held this Wednesday, Nov. 19.
The bank fraud charges carry a maximum sentence of 30 years in prison
plus a hefty fine - which could be upwards of a million dollars. If
Rubashkin is convicted of bank fraud as well as the earlier charges, he
could be looking at more than 50 years behind bars.
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