Citing the details of trial documents and witnesses' testimony, a federal judge declared on Friday (11 July) that the husband-and-wife officers of defunct AGM Development Corp (AGM) were guilty of bank fraud and other criminal charges.
US District Judge Jerome B. Friedman said Michael R. Agnew, AGM's president, and Barbara M. Agnew, its secretary and treasurer, sought to deceive Resource Bank in Virginia Beach on several occasions by seeking payment for construction work when they knew that AGM had done little or none.
Friedman also called attention to several lapses by bank employees, including their failure to check with general contractors on work that AGM told the bank had been completed.
