MONTGOMERY, Ala. – A local businessman on Wednesday pleaded guilty to bank fraud for a scheme that kited almost $1.9 million between his accounts at Guardian CU and two banks.
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Brooks Lazenby, 44, owned Brooks Lazenby Builders LLC, and maintained accounts at BankTrust, First Community Bank of Central Alabama and the credit union.
Federal prosecutors said that Lazenby would “kite” checks between the various accounts, with the end result being “an involuntary overdraft loan” to the business worth about $1.88 million. Guardian and an insurance company ended up suffering the loss.
Lazenby will be sentenced later this year.
