A federal grand jury on Wednesday charged that Michael R. Agnew, president and sole owner of AGM, and Barbara M. Agnew, its secretary and treasurer, defrauded Resource Bank by seeking millions of dollars in payments for work it hadn't done.
Resource provided factoring services to AGM, buying the company's invoices for its construction work and then collecting the payments from AGM's general contractors.
In addition the indictment contends that the Agnews provided false financial statements that misled the Virginia Beach bank about AGM's income and its tax delinquency.
The Agnews entered pleas of not guilty and asked for a jury trial. They were released on bond of US$25,000 each, and a trial was set for 8 Oct 2002.
Established in 1986, AGM installed concrete foundations and performed concrete-forming work at dozens of projects in Virginia and North Carolina, including stores, office buildings, municipal structures and university facilities.
