Tuesday, December 18, 2012

DOWN GO THE FRAZIERS!!! INDICTED!!!!!!

Collection of all posts on the Frazier case

A federal grand jury indicted Claiborne Frazier, Austin Frazier, and C.E. Frazier, Jr. on December 12, 2012 for mail fraud and money laundering. The grand jury also indicted Spencer Copeland for money laundering. C.E. Frazier, Jr. is the father of Austin and Claiborne. Mr. Copeland is the step-brother of Austin and Claiborne. The defendants have been taken into custody.

The indictment is seventeen pages long and alleges the Fraziers used their companies to defraud several banks and other parties since 2001. The first count charges Claiborne, Austin, and C.E. with engaging in a conspiracy to defraud BancorpSouth and Merchants & Farmers Bank. The Fraziers allegedly used fraud to obtain construction loans from the banks. The indictment states the Van Buren condos in Oxford were part of the scheme. Frazier Construction borrowed $5.4 million from Bancorp South to finance the construction of the Van Buren Condomeniums. Claiborne allegedly sold some of the condos in cash transactions and diverted the money from repaying the loan. Claiborne would then provide warranty deeds to the buyers without providing a release of the lien from the bank. An earlier post on JJ states:


"BancorpSouth lent $5,400,000 to Van Buren Group LLC to build thirty condominiums in Oxford on September 5, 2001. Claiborne Frazier is the managing member of Van Buren. The debt was guaranteed by Austin Frazier, C.E. Frazier, Shelby Brantley, and Robert Crumpton. Van Buren defaulted on the note and BancorpSouth obtained a judgment in 2008 of $1,214,533 (plus interest of 8.5%). BancorpSouth claimed Claiborne sold seven units without turning over the proceeds of the sale to the bank in order to pay off the note. 21 units were sold by Van Buren, the proceeds of each sale were used to retire the debt. The bank alleged Mr. Frazier sold units for $251,289 (2003), $266,716 (2005), $265,857 (2003), $182,000 (2005), $250,418 (2003), $399,000 (2004), and $300,000 ($50,000 was paid to BancorpSouth). The bank claims other units may have been sold in similar fashion. The foreclosure and tax sale of the condos were the subject of a separate ruling by the Mississippi Court of Appeals. The foreclosure and tax sale of the condos were the subject of a separate ruling by the Mississippi Court of Appeals.".  Earlier post

The indictment states the Fraziers would tell the bank the condos had not sold while they pocketed the cash. However, Van Buren was just a practice run for the Fraziers. They created another company, Olde Colony, LLC. in October, 2001 to develop property in Ridgeland. Naturally they "solicited investors" and obtained a $2.86 million loan from M&F Bank in 2004 to build properties in Ridgeland. The indictment alleges they forged the signatures of an architect in order to show progress on the project and obtain funds from the bank.

Then there was Travelers. The case that attracted JJ's interest in this story. The indictment states the Fraziers provided phony information to the insurance ompany in order "to conceal" payments to Claiborne Frazier. Travelers was the bonding agent for a construction project. Several Frazier subcontractors filed bond claims with Travelers as they alleged they were not paid for their work. The indictment (pages 9-11) lists several payments meant for Star Masonry that were diverted to the Fraziers. The Fraziers closed Frazier Construction in 2008.

While Spencer Copeland escaped charges of fraud, the grand jury indicted him for money-laundering. The grand jury alleged Spencer, Austin, and C.E. Frazier deposited checks payable to Frazier Construction into Spencer's bank account at Regions and M&F so as "to conceal from Travelers the nature, the location, the source, the ownership, and the control of these funds and thereafter divert these funds fro the co-conspirator's own use and benefit.

The Fraziers also allegedly opened another company, Construction Tech Solutions, Inc., with C.E.'s construction license and moved assets from the bank account of Frazier Construction to Construction Tech Solutions. Pages 13 and 14 of the indictment list the specific transactions.

The indictment then alleges "It was part of the conspiracy that the co-conspirators would cause funds derived from Frazier Construction assets to be withdrawn in the form of official checks from the M&F bank account xxxxx in the name of Spencer Copeland and from the Trustmark National Bank account xxxx in the name of Spencer Copeland and therafter provided to an unindicted co-conspirator for use in the purchase of a storage unit business located in the state for Georgia for the benefit of defendant A. Frazier. (KF Note: The unindicted co-conspirator is probably Nan Copeland, the mother of Claiborne, Austin, and Spencer. The Travelers civil suit against her mentioned these actions.).

The indictment also states the "unindicted co-conspirator" deposited $120,019 in to her bank account at Regions and wired the funds to Compass Bank in Alabama "towards the purchcase of a storage unit business in Macon, Georgia for the benefit of A. Frazier."

So ends the indictment. Claiborne Frazier and Spencer Copeland were arrested and taken into custody. The other two defendants are turning themselves in to authorities. C.E. Frazier, Jr. is currently free on bond in an unrelated case in Adams County.

31 comments:

exjxnres said...

Thanks for keeping up on this.

Anonymous said...

those pieces of shit have continued stealing and ruining lives even after all of the events noted in the indictment. glad the US Atty is finally getting them off the streets.

Anonymous said...

where was he arrested?

Anonymous said...

*** Best Investigative Journalist in Mississippi ... In Any Media Format ... Is Kingfish ... Bar NONE! ***

Anonymous said...

Kingfish spends many hours researching everything he does. He deserves kudos for his diligence in pursuing these criminals. I wonder sometimes if he works all night getting his information together. Good job KF and now if you can get that lowlife and Steadivest.

KaptKangaroo said...

Great work KF. This was a long journey of discussions here and offline.

This never-ending saga finally ends eh?

Few questions, what assets are left? Wonder what is in those storage units. Also, would disposition of assets to others be reachable as assets to repay the debts?

If yes, I wouldn't want to be holding those bags.

What you say Flounder?

Anonymous said...

the "bendover boys"...

Anonymous said...

Great Work KF!! Now, please focused your attention to getting us a decent Chinese Buffet in Madison.

meople said...

all im can say is "you were right and i was wrong" keep up the good work KF.

Anonymous said...

While KF's kicking butt Editor Harpy @ the J.F. Pablum spends hundreds of words whimpering about how inconvenient it is to get from Fondren down to the Welty to take care of a problem of her own making.

Anonymous said...

LOL @ 1:08. I read that too. 4 overdue library books. What a joke.

Anonymous said...

It is about time! However my heart goes out to the children of Claiborne, Austin adn Spencer. Unfortunately they will have to live with this outcome the rest of their lives, it is a shame, the adults are taking everyone down with them.

Anonymous said...

It is about time, it is unfortunate for the children of Claiboren, Austin and Spencer since they will have to live with the knowledge of the crimes committed by thir fathers.

Anonymous said...

4 overdue library books. What a joke.

Sounds like a job for Bookman, the Library Cop.

Anonymous said...

Do not get too excited....repeat do not get too excited. The Fraziers are represented by none other than Tal Braddock who was seen in route to Jackson this date. Once Tal B arrives on scene, this silly indictment will not doubt be rescinded.

Anonymous said...

How many years are likely?

Anonymous said...

Are all the charges federal? Any chance of them going to Parchman?

Anonymous said...

FINALLY! It is about time that this family gets what they deserve! Justice has finally been served!!!

Anonymous said...

Hey Anonymous said....Claiborne is the baby daddy to more kids than any NBA player alive...he doesn't lift a finger for any of them anyway. Trust me, they are all better off with him gone.

Kingfish said...

1:08: What are you talking about?

Anonymous said...

1:26 here Kingfish. I'll hip you to it. DonnerK went on a two day rant in the comments section at the JFP site because the H/JPL would not renew 4 of her overdue library books over the phone. Almost as good as reading the Onion. I suggest you pour a nice drink and head over and read it. It's a good belly laugh. Complaining about something that was your own fault in the first place.

ALP said...

Tal B didnt make it on time...the old swamped Mercedes folded on him on the way up from H'burg...public defender for now on Claiborne's side...

2-3 years max in a federal facility for everyone except Spencer I'd say...he'll probably do 9 mths to a year...

Anonymous said...

so who is the storage contact in Ga involved in this?

Anonymous said...

What happens to Shelby Brantley in the Van Buren case?

Anonymous said...

You want to know what's pathetic? Is that it took 10 years & big guns like Travelers to make the FBI finally believe that they were newsworthy criminals...all the while former investors/"friends" like( The Hines; John Laws;Shelby Brantley; Hank Mathison; Carol Mcleod, Holly Hughes , & countless others)have spent/lost millions of their own money pleading the case that these men were lying sacks of shit, yet no one ever listened nor prosecuted them...just goes to show that money talks. Way to go Kingfish!For those of us who knew them when they were pretty boys racing cigar boats, we salute you for keeping us abreast.

Anonymous said...

Remember 11:03 it pays to be a friend

Anonymous said...

Really smart headline. Wonder if everyone caught it.

Anonymous said...

If these crooks only do 2 to 3 years each then there really is no justice. They should get 10 yrs minimum. And trust me, whenever they get out, they'll all be right back at it again stealing from honest hardworking people. It's the way all those boys were brought up by their momma nan, they don't know any better

meople said...

AGREED 12:04

Rebekah said...

Well...I had been wondering where our Christmas cards were. Now I know.

Anonymous said...

so: what happens next?
Anyone spotted any of the defendants?

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