The Cypress Times, a newspaper from Cypress, Texas, reported that Peake diverted about $5,836,940 from his business to his own personal bank accounts, or other business accounts that he had control over. Peake also paid personal expenses with money from his business. In order to prevent banks from noticing his crimes, he never withdrew more than $10,000, as this would force a bank to file a currency transaction report.

The source added that he also misused a $3.5 million commercial credit line from one of his former clients.

Peake will be sentenced for his crimes in August, and may receive a maximum of 10 years in prison, the news source said. According to federal sentencing guidelines, the defendant may receive up to 51 months in prison for his actions.

Leave a Reply

Your email address will not be published.