Atlanta, Georgia – A Georgia businessman has admitted to orchestrating a fraudulent scheme that deceived both a financial institution and a federal agency, leading to millions of dollars in financial losses. Spencer Askew, 46, the founder and former CEO of E-Freight Solutions Worldwide, LLC, pleaded guilty to bank fraud and making false statements to the U.S. Department of Veterans Affairs (VA), marking a dramatic downfall for the logistics entrepreneur, the Department of Justice said in a news release.
Askew’s scheme revolved around securing a $1 million line of credit from Vinings Bank under false pretenses. Prosecutors revealed that in 2018, he misrepresented his company, Teknowlogi, as a legitimate and financially sound business when, in reality, it was a shell entity with little to no real operations.
He claimed the funds were needed to acquire another logistics company, SaaS Transportation, but in truth, the application was built on fabricated financial statements and misleading claims about Teknowlogi’s business dealings…