LATROBE, Pa., Sept. 29 (UPI) -- Federal authorities have charged five LeNature executives and advisers with defrauding U.S. banks and investors of $800 million.
Authorities indicted former Chief Executive Officer Gregory Podlucky; his brother, former Chief Operating Officer Jonathan Podlucky; former vice president Robert Lynn, consultant Andrew Murin and equipment broker Donald Pollinger with various counts of fraud designed to inflate the value of the company, which made flavored water and collapsed in November 2006, the Pittsburgh Tribune-Review reported Tuesday.
"We believe the LeNature's fraud is the largest fraud that's ever occurred in the Western District of Pennsylvania, " U.S. Attorney Mary Beth Buchanan said.
"This was a very complex scheme in that it involved multiple financial institutions," she said.
She said records were forged to make the company appear "as a successful, growing business," when its sales were all but non-existent, the newspaper said.