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Feds: TX businessman bilked $970K from local financing firm

Federal authorities say a 43-year-old Texas businessman has been charged with bilking a Rochester-area financing company out of nearly $1 million.

The U.S. Attorney’s Office announced Tuesday that Bradley Boyd of Rhome, Texas was charged with wire fraud and money laundering.

Prosecutors say Boyd was president of River Cities Sawing of Grand Prairie, Texas, a concrete business involved in highway infrastructure projects. Officials say Boyd’s company submitted about 60 fraudulent invoices totaling $1.5 million Durham Funding, of Pittsford.

Companies such as Durham help construction companies obtain the working capital they need for expenses while they’re waiting for their own invoices to be paid.

Authorities say that based on the fraudulent invoices, the financing company sent River Cities Sawing about $970,000 over five months in 2011. Prosecutors say Boyd used the money to make payments on loans and pay his company and personal expenses.

The Associated Press reported that it couldn’t be determined if he has lawyer.