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FORMER MASSACHUSETTS COMPUTER COMPANY OWNER INDICTED FOR DEFRAUDING SHAWMUT BANK

 BOSTON, Feb. 22 /PRNewswire/ -- The U.S. Attorney for the District of Massachusetts, A. John Pappalardo, and the Director of the New England Bank Fraud Task Force, Margaret R. Hinkle, announced today that on Feb. 19, 1993, a Federal Grand Jury in Boston, returned a sealed indictment against Stephen F. Wayman, age 41, charging him with one count of bank fraud. Wayman is a former resident of Andover, Mass.
 The indictment charges that Wayman engaged in a scheme to defraud Shawmut Bank, N.A., in 1989. Wayman was an owner and the chief executive officer of Arlanda International Corporation in North Andover, Mass., which modified and configured computer equipment. Arlanda had an $800,000 line of credit from Shawmut, and Wayman submitted false reports to Shawmut that inflated the value of the company's inventory to avoid triggering repayment provisions of the line of credit. Wayman faces a maximum statutory sentence of 20 years in prison and a fine of up to $1 million.
 The indictment is the result of an investigation conducted by the New England Bank Fraud Task Force. The Task Force was established in 1991 as part of the Justice Department's ongoing campaign to combat fraud against federally insured financial institutions. Members of the Task Force include offices of the United States Attorney for each of the six New England states, the Fraud Section of the Criminal Division of the Department of Justice, the Department's Civil and Tax Divisions, the Federal Bureau of Investigation, the Internal Revenue Service, and the United States Secret Service.
 As a result of the efforts of the Task Force, charges naming 34 defendants have been brought, and 22 convictions have been obtained to date.
 The case has been investigated by Special Agents of the Federal Bureau of Investigation, and is being prosecuted by Department of Justice Trial Attorneys Peter J. Henning and Robert A. Spencer.
 -0- 2/22/93
 /CONTACT: Press Officer at U.S. Attorney's Office, 617-223-4025/


CO: U.S. Attorney's Office ST: Massachusetts IN: SU:

CH -- NE007 -- 8905 02/22/93 11:08 EST
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Date:Feb 22, 1993
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