Former Loggins CEO sentenced to prison, ordered to repay $2.7M
POSTED: Wednesday, July 23, 2014 - 9:35am
UPDATED: Friday, August 1, 2014 - 9:26am
Tyler (KETK) — The former president and CEO of a prominent Tyler business was sentenced to prison Tuesday for providing fraudulent loan applications.
Bobby Gene Loggins, 60, of Tyler, pleaded guilty on Dec. 5, 2013, to making false statements to a bank and was sentenced to 51 months in federal prison, according to U.S. Attorney John M. Bales. He was also ordered to repay $2,773,371.52.
According to court documents, Loggins had been affiliated with Loggins Meat Company (LMC) in Tyler for more than 30 years. During the majority of this time, Loggins served as president and CEO of the business. The company was founded in 1940 by Loggins’ father and operates as a wholesaler, retailer, and processor of meat and meat products.
In March 2009, Loggins applied to Bank of Tyler for a revolving line of credit. In connection with the loan application, Loggins gave fraudulent financial information for LMC. Following approval of the loan, Loggins continued to provide false financial data when seeking advances on the credit line. Ultimately, LMC ceased operations in about August 2010.
This case was investigated by the FBI and prosecuted by Assistant U.S. Attorney Frank Coan.