Affidavit accuses North River of fraud
By Dan Bain, KPIC NewsROSEBURG, Ore. -- An affidavit released by the U.S. District Court in Eugene claims that North River Boats in the Green District was committing fraud by submitting false invoices to their bank on their weekly collateral reports. FBI agents served a search warrant at the North River manufacturing plant in Green last week. They seized computers, financial information, records, phone numbers, address books and electronic equipment in the raid. The search warrant from the U.S. District Court states that Wells Fargo Bank in Colorado learned that North River Marine included possible fraudulent invoices in its weekly collateral reports. The warrant states North River artificially inflated its available eligible collateral and, in turn, the amount of financing Wells Fargo provided the company. The report added that North River reported as inventory, and as part of the collateral, boats that had already been sold and delivered to customers. Wells Fargo claims it lost more than $3 million because of the alleged fraud. |
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