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|Smith County Man Sentenced for Loan Fraud|
|Written by Clayton Neville|
|Wednesday, 23 July 2014 09:43|
A 60-year-old Tyler man was sentenced to federal prison for making false statements on a loan application in the Eastern District of Texas, announced U.S. Attorney John M. Bales Wednesday.
Bobby Gene Loggins pleaded guilty on December 5, 2013 to making false statements to a bank and was sentenced to 51 months in federal prison on July 22, 2014 by U.S. District Judge Leonard E. Davis. Loggins was also ordered to pay restitution in the amount of $2,773,371.52.
According to information presented in court, Loggins has been affiliated with Loggins Meat Company 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 operations in about August 2010.
This case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Frank Coan.