2 indicted for bilking lenders of $1.4 million
A federal grand jury has indicted two former Jeannette businessmen for wire fraud, conspiracy and making a false loan application to a bank by creating bogus documents that bilked lenders out of $1.4 million, according to the indictment.
James Michael Conde, 63, of Harrison City and Thomas Lee Kemerer, 63, of Greensburg used the documents to secure a $1 million loan from Sky Bank and one of $400,000 from private investor Wayne King of White Oak.
Instead of using the loans to start a business, the pair used the proceeds for personal living expenses, the grand jury alleges.
The scheme ran from 2002 to 2003, according to the indictment. Conde and Kemerer created Precision Powdercoating & Graphics in Jeannette in 2002; it went out of business in 2005.
The company was going to powdercoat and etch metal parts for vehicles and equipment. Conde served as president, and Kemerer was chief financial officer.
The company defaulted on the Sky Bank loan, which was guaranteed by the Small Business Administration, and the company never repaid King, according to the indictment.
Conde, who restores vintage cars, claimed to have vehicles and a stockpile of parts valued at $750,000 as collateral for the loan, but the grand jury said those amounts were false.
In another instance, the grand jury alleges, Conde and Kemerer created a fake document indicating they paid $300,000 to Industrial Finishing Systems for equipment when, in fact, no payment was made.
Kemerer took an unknown individual to a notary to pose as president of Industrial Finishing Systems to verify that Kemerer had made the payment, according to the indictment.
The two men also created false invoices that they submitted to the bank and other bogus documents to purchase forklifts, it said.
Other documents indicated the men had invested $490,000 in their business in order to obtain the loan, but that claim was false, the indictment alleges.
A key witness in the case was another Jeannette businessman, Frank Trigona, who testified before the grand jury under a grant of immunity. Trigona provided blank invoices to the pair, he said.
Trigona owns the Penn Avenue building where PP&G was located.
Conde and Kemerer filed for bankruptcy in 2005. A bankruptcy judge questioned the accuracy of their financial statements.
When Conde applied for the SBA loan through Sky Bank, he listed $2.8 million in assets and $328,000 in liabilities, according to court records.
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James Michael Conde, 63, of Harrison City and Thomas Lee Kemerer, 63, of Greensburg used the documents to secure a $1 million loan from Sky Bank and one of $400000 from private investor Wayne King of White Oak. Instead of using the loans to start a
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White Oak Precision
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