Allen Ferguson pleaded guilty Wednesday at the federal courthouse on East Broad Street.
The bankrupt former head of a Richmond investment firm pleaded guilty Wednesday to two federal criminal charges related to lying to banks about his wealth in order to continue borrowing money.
Allen Mead Ferguson gave his plea in federal court in Richmond on charges of mail fraud and money laundering. He faces up to 40 years in federal prison when he’s sentenced in February but was allowed to remain free until then.
In a statement released through his attorneys following the plea, Ferguson said, “I deeply regret my conduct which led to today’s guilty plea. I apologize to thebanks for my actions and to others—including my wonderful family—that I have disappointed. And I greatly appreciate the continued support of my friends and family.”
Allen Mead Ferguson
During the brief hearing Wednesday, Judge Henry Hudson carefully explained to Ferguson the rights he was giving up by pleading guilty to two felonies.
Ferguson, 75, who stood at the podium before Hudson with his two attorneys at his side, agreed among other things to waive his right to a trial by jury.
“I’m at peace with my plea,” Ferguson told the judge.
The guilty plea also prevents Ferguson from being further prosecuted for any other alleged related actions.
Ferguson formerly ran Craigie Inc., one of Richmond’s oldest investment banking firms, until it was acquired in the late 1990s by BB&T. He and his wife, Mary Rutherfoord Mercer Ferguson, filed last year for bankruptcy. In addition to their ties to the business community, the couple had been active in Richmond’s philanthropic scene.
It was during the couple’s personal bankruptcy hearings 18 months ago that Allen Ferguson admitted under oath that he had lied about the existence of $3 million in investment accounts.
Union First Market Bank, EVB and Wachovia/Wells Fargo each eventually filed civil suits, claiming that Ferguson falsely represented those assets in order to deceive the banks and obtain more loans.
The U.S. Attorney’s Office brought criminal charges against Allen Ferguson on Oct. 22. Transfers of money tied to those fraudulently obtained loans are what led to the criminal case.
Ferguson was charged via the criminal information process, which does not require an arrest or a grand jury indictment.
Mary Ferguson, who was at Wednesday’s plea hearing, was not charged in the criminal case.
McGuireWoods attorneys Richard Cullen and Brandon Santos are representing Allen Ferguson in the criminal case.
Assistant U.S. Attorney Jessica Brumberg is prosecuting the case.
As a condition of his temporary release, Ferguson is prohibited from traveling abroad without permission from the court between now and his sentencing.
Federal sentencing guidelines call for a maximum of 30 years in federal prison for mail fraud convictions and a maximum of 10 years for money laundering convictions.
The U.S. attorney in its charges asked Ferguson to pay $5.6 million in restitution, but a final amount has not been agreed upon.
Allen Ferguson pleaded guilty Wednesday at the federal courthouse on East Broad Street.
The bankrupt former head of a Richmond investment firm pleaded guilty Wednesday to two federal criminal charges related to lying to banks about his wealth in order to continue borrowing money.
Allen Mead Ferguson gave his plea in federal court in Richmond on charges of mail fraud and money laundering. He faces up to 40 years in federal prison when he’s sentenced in February but was allowed to remain free until then.
In a statement released through his attorneys following the plea, Ferguson said, “I deeply regret my conduct which led to today’s guilty plea. I apologize to thebanks for my actions and to others—including my wonderful family—that I have disappointed. And I greatly appreciate the continued support of my friends and family.”
Allen Mead Ferguson
During the brief hearing Wednesday, Judge Henry Hudson carefully explained to Ferguson the rights he was giving up by pleading guilty to two felonies.
Ferguson, 75, who stood at the podium before Hudson with his two attorneys at his side, agreed among other things to waive his right to a trial by jury.
“I’m at peace with my plea,” Ferguson told the judge.
The guilty plea also prevents Ferguson from being further prosecuted for any other alleged related actions.
Ferguson formerly ran Craigie Inc., one of Richmond’s oldest investment banking firms, until it was acquired in the late 1990s by BB&T. He and his wife, Mary Rutherfoord Mercer Ferguson, filed last year for bankruptcy. In addition to their ties to the business community, the couple had been active in Richmond’s philanthropic scene.
It was during the couple’s personal bankruptcy hearings 18 months ago that Allen Ferguson admitted under oath that he had lied about the existence of $3 million in investment accounts.
Union First Market Bank, EVB and Wachovia/Wells Fargo each eventually filed civil suits, claiming that Ferguson falsely represented those assets in order to deceive the banks and obtain more loans.
The U.S. Attorney’s Office brought criminal charges against Allen Ferguson on Oct. 22. Transfers of money tied to those fraudulently obtained loans are what led to the criminal case.
Ferguson was charged via the criminal information process, which does not require an arrest or a grand jury indictment.
Mary Ferguson, who was at Wednesday’s plea hearing, was not charged in the criminal case.
McGuireWoods attorneys Richard Cullen and Brandon Santos are representing Allen Ferguson in the criminal case.
Assistant U.S. Attorney Jessica Brumberg is prosecuting the case.
As a condition of his temporary release, Ferguson is prohibited from traveling abroad without permission from the court between now and his sentencing.
Federal sentencing guidelines call for a maximum of 30 years in federal prison for mail fraud convictions and a maximum of 10 years for money laundering convictions.
The U.S. attorney in its charges asked Ferguson to pay $5.6 million in restitution, but a final amount has not been agreed upon.
I was stunned when I read about Allen Ferguson’s case yesterday.
I knew Allen as an acquaintance when I lived in Richmond until 1997.
I always thought he was a good and honest man.
Now, … I know him as a good and honest man who made seriously bad judgments, judgments he thought wise.
A personal history grounded in Virginia and in familial defense of the Commonwealth surely should be weighed in pronouncing judgment. I wish Allen well and pray for the Court to view him in the context of his many contributions to Virginia.
Thomas Inman
I had the pleasure of knowing the Ferguson’s who help guide me as a parent during my son’s tenure as a student at W&L between 1987 & 1991. Allen’s son and my son were room mates and fraternity brothers. His friendship and help made our experience in Virginia far more beneficial and fun than us Yankee’s could have accomplished on our own. He did this as a kind and generous person without any expectation of return. His advise in difficult matters were helpful and supportive. My heart goes out to him, Mary Rutherfoord and the boys. May God give Allen… Read more »