Shreveport executive sentenced to 15 years in federal prison and defrauded more than $ 58 million

SHREVEPORT, Louisiana (KTVE / KARD) – On Tuesday, David D. DeBerardinis, 60, of Shreveport, Louisiana was sentenced to 15 years in federal prison, followed by three years on probation for committing wire fraud and defrauding many people over 58 million.

A hearing will be held on Monday, March 28 at 9 a.m. to determine the exact amount of restitution DeBerardinis will have to pay.

Shreveport executive sentenced to 15 years in federal prison and defrauded more than $ 58 million

On August 25, DeBerardinis pleaded guilty to Wire Fraud. DeBerardinis, a Shreveport-based executive, admitted that he operated and managed numerous business entities and represented himself and his business entities to be part of the petroleum industry involved in a complex fuel trading business. .

According to forensic evidence, he solicited and caused to be solicited others, individual investors and financial institutions to provide funds for his businesses in return for interest payments and a guaranteed return of capital.

DeBerardinis told investors and financial institutions that he had a business deal with Alon USA Energy, Inc. that generated profits that would be used to reimburse investors and financial institutions when in truth he knew he didn’t. didn’t have such a deal with Alon.

From April 2014 to June 2015, PlainsCapital Bank provided $ 29.5 million to DeBerardinis to expand its fuel trading business.

Funding for PlainsCapital was made through several interstate transfers to one of DeBerardinins bank accounts in Shreveport. One of the wire transfers took place on November 25, 2014, for a total amount of $ 17.1 million.

“As was evident in today’s sentencing hearing, this accused spent many years deceiving not only business associates, but also trusted friends, with millions of dollars and destroy a great deal of their life in doing so, ”said US Attorney Brandon B. Brun.

“His cavalier attitude about the deception he used and the destruction he caused is appalling. Seeking justice for victims like these is what continues to push us to work harder to eliminate those who commit such unacceptable acts. “

DeBerardinis was ordered to report to the US Bureau of Prisons on Wednesday, February 16.

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