Man uses Home Depot to gain loans from Banks

United States District Judge Tena Campbell read the all fifty seven counts against Jeffrey F. Geddes in count on October 19th as he pleaded guilty to all counts against him.

Jeffrey F. Geddes a resident of Park City, Utah, pleaded guilty to fifty seven counts that include bank fraud, wire fraud and failing to appear before the court. Mr. Geddes during the court hearing on October 19th answered the judge with mutters of yes and guilty as Judge Campbell read his counts. Mr. Geddes by his appearance did not look like the a man who for three years was able to convince investors that he had a contract with the Major Hardware store chain Home Depot.

Mr. Geddes owned and operated a company call Adagio Stone LLC and other companies under the Adagio name.  He was able to secure collateral loans from an investor in Washington, known only as B.H. by convincing the investor he had a contract with Home Depot. Mr. Geddes was also able to obtain a credit line for over thirty million dollars under the same bogus contract with Home Depot scheme through Zion’s First National Bank.

Mr. Geddes in order to carry out his scheme created the illusion that he had a contract with the large hardware store chain Home Depot by creating a company called Home Depot Export LLC; which he based out of Las Vegas. Mr. Geddes committed his fraud between August of 2002 and May of 2005.

Zion’s First National Bank first sued Mr. Geddes back in May of 2005 for over fourteen million dollars and due to the Banks affiliation with the FDIC Mr. Geddes was slapped with federal charges of bank fraud and wire fraud.

Mr. Geddes was first indicted in 2006 on fifty six counts and had a plea agreement arranged in November of 2008 that included on counts of bank and wire fraud. The agreement stated that court would dismiss the rest of the counts and limit his prison time to ten years in federal prison.

Mr. Geddes was to appear before the judge in March of 2009 for his sentencing in the case however he failed to appear. United States District Judge Tena Campbell issued a bench warrant for his arrest. Mr. Geddes was able to evade arrest for over three months. The morning he failed to appear he removed the ankle bracelet he was wearing due to house arrest and emailed his attorney that he was planning suicide. Police search an area around where his vehicle was located and found nothing. Mr. Geddes was also known as a gambler so Federal Marshals attached to the case began scoping casinos Mr. Geddes would frequent. They located Mr. Geddes in San Diego in June at an Indian Reservation. Mr. Geddes was then indicted in August of 2009 with failure to appear before the court.

Judge Campbell reminded Mr. Geddes on Monday during his court appearance that the maximum sentence in addition to restitution can include up to thirty years for each count of bank fraud and a one million dollar fine; up to twenty years and two hundred fifty thousand dollars in fines for the wire fraud and up to ten years and two hundred fifty thousand dollar fine for failure to appear in court.

Mr. Geddes sentencing has been schedule for January 7, 2010 and remains in confinement until his sentencing hearing.


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