Alternative Financing Group’s Owner IndictedSeptember 6, 2016 | By: deBanked Staff
Investors who thought their money was being used to fund small business loans didn’t get what they wanted, according to the SunHerald. Thomas “Lenny” Lepre, whose company Alternative Financing Group offers business loans and merchant cash advances was indicted on five counts of wire fraud on August 23rd for spending money on himself that was supposed to be used to make loans.
According to the indictment filed in the Southern District of Mississippi, Lepre “made materially false and fraudulent representations and solicited significant sums of money from investors and clients purportedly for funding of commercial services to borrowing clients, and for investments, and converted his investors and client borrowers’ monies to his own use and possession, using the funds inconsistently with the representations he had made to the investors and clients.”
The prosecution seeks a criminal forfeiture of more than $500,000. His arraignment is set for September 22nd.
Lepre is presumed innocent until proven guilty. The case number is 1:16-cr-00061-HSO-JCG.Last modified: September 6, 2016