According to the stipulated factual basis supporting the guilty pleas and convictions, LOGA owned and operated Warehouse Food Group, a Baton Rouge wholesaler which sold seafood to institutional food service companies. Between June 2008 and October 2008, LOGA defrauded Fidelity Bank by obtaining credit advances secured by fraudulent collateral. Fidelity Bank lost approximately $1,229,745 as a result of the scheme. Once LOGA collected the proceeds of the fraud, he then conducted various substantial financial transactions with the illegal proceeds at another local bank; such financial transactions with the proceeds of bank fraud constituted money laundering.
FBI press release link: here
