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Evidence keyed to Waltz
United States v. Drake
Facts
Drake was Vice President in charge of day-to-day operations of Agrictultural Technology International Marketing, Inc. (“ATIM”). In need of additional financing for ATIM, Drake obtained credit from the William R. Payne Company, which lent money to ATIM based on individual accounts receivable. When the Payne Company failed to receive several payments due on the account, the line of credit for ATIM was limited. Consequently, Drake, on behalf of ATIM, sought financing through United California Factors (“UCF”) through an option called “factoring.” “Factoring” is the direct sale of accounts receivable at a discount. Drake submitted an application form to UCF for “factoring” but did not identify Payne Company as a creditor of ATIM. Based on the application provided by Drake, UCF decided to factor some ATIM accounts and provided ATIM $56,183.53 in six payments by wire transfer. While making these payments, UCF discovered Payne Company’s interest in ATIM’s accounts receivable and Drake subsequently assured UCF that Payne Company did not hold a security interest in ATIM’s accounts. Afterwards, Drake was charged with six counts of wire fraud, which represented the six payments to UCF. A jury convicted Drake on all counts. Drake appealed and the Court of Appeals affirmed by holding the evidence was sufficient to support a finding that a scheme to defraud by false representations existed within the meaning of the wire fraud statute, and that the prosecutor’s cross examination of Drake was appropriate and did not affect a substantial right of the defendant.
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