west system fp banner ad 1 15

lemon and line

velocitek banner 12 16

brooklin boatyard

c & c 30 banner ad 3 8

schwab tower ad 1 15

http://www.lymanmorse.com

vela banner 2 15

weta banner 2 9

http://www.dryuv.com

seascape banner

pyi banner ad

rapido banner 2 red

c tech 9 22

fish fp 6 15

http://www.crowleys.com/

karver ad 1 14

http://www.mauriprosailing.com/

farr 280 banner 9 4

hh banner green

ner banner 3 24

fox guarding the henhouse

We just learned that longtime dinghy and sport boat sailor and early SA’er Scott Fox pled guilty last month to Fraud and Tax Evasion charges in an ongoing Maine scheme that would make Wall Street proud.  According to the DOJ, “Fox used his position as a loan officer at Casco Northern Bank and at its successor, KeyBank, to originate or authorize over $14,000,000 in fraudulent loans and lines of credit using the identities of four real individuals, without their knowledge or consent. He used over $5,800,000 of the fraudulent proceeds to keep the loans current and prevent the detection of his scheme. He used almost $8,200,000 for personal expenses including to pay for his children’s educations and family vacations, and to support his business, “The Boathouse.” Fox failed to report receiving any of this income to the Internal Revenue Service (“IRS”) causing a tax loss of over $1,300,000 between 2006 and 2011.“ Fox also bought a home and paid to support a mistress on his ill-gotten gains.

While he’s been ordered to pay restitution to the bank and IRS, with his sentence likely to be at least 8-10 years in Federal prison (no parole), the reality is that Fox’s debt is a write-off.  The terms of his plea agreement don’t include a sentence so Fox could actually see the full 30 year maximum, though he’s entitled to appeal anything over about 12 years on the terms of the deal.

The US Attorney’s narrative on the scheme is here, and it’s a fascinating look at just how far one man can go to keep all the balls in the air.  There’s a thread about it here.

 

March 17th, 2014

farrier banner ad 7 12

LATIS-INTERNATIONAL-SA-AD-JUNE

nacra ad

whitecap fp ad

ullman banner ad 7 15

predict 5 15

ganz

front street ad 4 4

salona side banner

ewol banner ad

Gunboat 60 sailing in Annapolis, MD.

camet kite

rbs banner ad

madmarine

hh banner purple

uk banner ad 3 15

nautalytics

swing keel ad.jpg_sml

http://www.camet.com/

fish 7 7 ad

fish side 6 17

adrena 6 20 ad

laser rc ad