Georgia Businessman Pleads Guilty to Bank Fraud and False Statements to VA

Spencer Askew, the founder and former CEO of E-Freight Solutions Worldwide, LLC, pleaded guilty to defrauding Vinings Bank and making false statements to the U.S. Department of Veterans Affairs (VA), officials announced.

On March 6, 2025, Askew, 46, of Newnan, Georgia, entered a guilty plea to one count of bank fraud and one count of making false statements to a federal agency. His sentencing is scheduled for May 15, 2025, at 10:00 a.m. before Chief U.S. District Judge Timothy C. Batten, Sr.

According to Acting U.S. Attorney Richard S. Moultrie, Jr., Askew’s scheme involved obtaining a $1 million line of credit from Vinings Bank using fraudulent financial information. Askew falsely claimed the funds were to acquire a logistics company called SaaS Transportation but instead used falsified details about his company’s financial condition to secure the financing.

In addition to the bank fraud, Askew admitted to making false statements to a federal special agent in June 2020, claiming he could supply the VA with KN95-like masks during the COVID-19 pandemic, falsely asserting he had a relationship with 3M.

“Askew can no longer avoid the consequences of engaging in a fraudulent scheme that resulted in the loss of millions of dollars and of aggravating his criminal conduct by making false statements to law enforcement,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “This prosecution underscores our commitment to work with agency partners to combat all forms of fraud and deception.”

“The defendant in this case was brought to justice for submitting falsified financial information about his companies to financial institutions in order to fraudulently obtain millions of dollars in loans and lines of credit,” said Special Agent in Charge Kyle A. Myles, of the Federal Deposit Insurance Corporation, Office of Inspector General, Atlanta Region. “The FDIC OIG will continue to work diligently with our law enforcement partners to investigate and hold accountable those who commit such fraudulent offenses that threaten the safety and soundness of our Nation’s financial institutions.”

“This guilty plea holds the defendant accountable for his egregious attempt to exploit VA programs and services during a global pandemic,” said Special Agent in Charge David Spilker, Department of Veterans Affairs, Office of Inspector General’s Southeast Field Office. “The VA OIG is dedicated to working with our law enforcement partners to ensure schemes like this are uncovered, investigated, and prosecuted to the fullest extent of the law.”

In April 2023, a federal grand jury indicted Askew on charges of bank fraud and money laundering. He was arrested in April 2024 in Arizona after crossing the border from Mexico. Under the terms of his plea agreement, Askew agreed to pay more than $6 million in restitution.

The case was investigated by the Federal Deposit Insurance Corporation, Office of Inspector General, and the U.S. Department of Veterans Affairs, Office of Inspector General. Assistant U.S. Attorney Alex R. Sistla is prosecuting the case.