by Gwen Moritz
Posted 2/7/2013 06:40 pm
Updated 3 months ago
Roger Stephen "Steve" Clary pleaded guilty Thursday to a single count of mail fraud, admitting that he misused almost $1.6 milion of a $4.5 million loan that he received from Bank of America Leasing Capital in 2008.
Four counts of wire fraud that were included in his indictment, originally issued by a federal grand jury in Little Rock in July 2010, were dismissed as part of a plea deal.
A sentencing date has not yet been set, according to a news release from U.S. Attorney Christopher Thyer's office. The statutory penalty for mail fraud is up to 30 years in prison and a fine of up to $1 million, but the plea deal reached by Clary and his public defender suggests a sentencing guideline range of 33-41 months in federal prison.
The plea deal calls for Clary to pay restitution of nearly $1.6 million, which was the portion of a loan that was supposed to be used to purchase and outfit custom buses but which he rerouted to other companies in which he had an interest.
Shortly after his indictment, Clary and his wife filed for Chapter 7 bankruptcy. They listed debts of $168.6 million against $1.4 million in assets. The bankruptcy case is still active.