The chief financial officer of a now-bankrupt New Hampshire steel manufacturer was indicted Wednesday by the U.S. Attorney for Vermont on charges he acquired loans from banks using fraudulent figures.
Steven D. Griffin, 59, of Berlin allegedly submitted inflated figures to get $12 million in loans for Isaacson Structural Steel Inc., in Berlin between 2007 and 2011, according to a news release from the U.S. Attorney’s Office.
By June 2011, the steel company, which fabricated steel and provided subcontracting work to erect steel, was bankrupt and its assets were liquidated, the news release said. About 150 employees lost their jobs.
“In the end, the banks lost millions of dollars as a result of the fraud,” the news release said.
The primary bank involved was Passumpsic Savings Bank, which is headquartered in Vermont.
In 2012, North Country entrepreneur and inventor Dave Presby, owner of Presby Steel in Berlin and Presby Environmental in Whitefield, purchased the former Isaacson facilities.
Griffin was indicted on nine counts of making false statements to a financial institution. He has pleaded not guilty to the charges.
In February, the steel company’s CEO, Arnold Hanson, pleaded guilty to conspiring to make false statements to a financial institution.
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