Spencer Askew, the founder and former CEO of E-Freight Solutions Worldwide, LLC, has pleaded guilty to charges of bank fraud and making false statements to the Department of Veterans Affairs. The Georgia businessman admitted to defrauding Vinings Bank in connection with obtaining a $1 million line of credit and falsely claiming a relationship with 3M to supply KN95-like masks to the VA during the COVID-19 pandemic.
Acting U.S. Attorney Richard S. Moultrie, Jr. stated, "Askew can no longer avoid the consequences of engaging in a fraudulent scheme that resulted in the loss of millions of dollars and of aggravating his criminal conduct by making false statements to law enforcement."
Special Agent in Charge Kyle A. Myles from the Federal Deposit Insurance Corporation emphasized their commitment to investigating such fraudulent offenses: "The defendant in this case was brought to justice for submitting falsified financial information about his companies to financial institutions in order to fraudulently obtain millions of dollars in loans and lines of credit."
David Spilker, Special Agent in Charge at the Department of Veterans Affairs, highlighted Askew's exploitation attempt during a global crisis: "This guilty plea holds the defendant accountable for his egregious attempt to exploit VA programs and services during a global pandemic."
Askew founded E-Freight Solutions Worldwide, LLC in March 2010 as a logistics company facilitating transportation partnerships. In May 2015, he created Techknowlogi Holdings, LLC d/b/a Teknowlogi, which conducted little business activity. Between February and April 2018, Askew executed a scheme defrauding Vinings Bank by providing false information about Teknowlogi’s business operations.
In June 2020, Askew misled federal agents regarding his capacity to provide personal protective equipment amid the pandemic. A sealed indictment was returned against him by a federal grand jury in April 2023 for bank fraud and money laundering charges. He was arrested after crossing into Arizona from Mexico in April 2024.
Under his plea agreement terms, Askew will pay over $6 million in restitution. His sentencing is set for May 15, 2025.
The investigation is being conducted by both the Federal Deposit Insurance Corporation’s Office of Inspector General and the U.S. Department of Veterans Affairs’ Office of Inspector General. Assistant U.S. Attorney Alex R. Sistla is prosecuting.
For further details contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280.