The founder of a bankrupt cocoa-trading firm who admitted to defrauding banks by reporting fake collateral to support hundreds of millions of dollars in loans was ordered to spend three years in federal prison, prosecutors said.
Peter G. Johnson was one of three former Transmar Commodity Group Ltd. executives who pleaded guilty to lying to banks about the state of finances of the Morristown, N.J.-based company.
Transmar, which supplied some of the world’s biggest candy makers, filed for Chapter 11 bankruptcy protection in December 2016, owing lenders nearly $360 million. Johnson was the firm’s former president and chief executive officer. ...
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