Huntley’s Frank Beaudette Pleads Guilty to Defrauding “Friends” of $800,000

A press release from the U.S. Attorney’s Office:

HUNTLEY MAN PLEADS GUILTY TO FRAUD

Rockford — A Huntley, Ill. man pleaded guilty today in Federal Court to wire fraud.

Frank Beaudette's Linkedin front page.

The defendant, Frank L. Beaudette, 60, admitted that from 1995 to September 2010, he fraudulently obtained loans totaling more than $800,000 from at least 10 individuals by making false representations about the purpose for which he needed their money.

In a written plea agreement, Beaudette admitted that he first befriended his victims.

Then, after he gained their confidence, Beaudette persuaded his victims to lend him money.

Beaudette admitted that on most occasions, he falsely told his victims he had a “friend” in the computer
business who needed capital to complete a large sale of computer equipment.

Beaudette then persuaded the victims to loan money to him so that he could provide the money to his “friend” for the computer transaction.

In return, Beaudette gave the victims personal promissory notes, promising to repay their principal together with large amounts of interest.

As he acknowledged in the plea agreement, however, Beaudette did not have a friend who was selling computers.

Instead Beaudette spent all of the victims funds on his own personal expenses.

Beaudette also admitted that when promissory notes came due, he falsely told the victims he could not repay the loans because his “friend” had been unable to collect what was owed after the computer sale transaction.

Beaudette often promised victims that he would repay them with profits earned from a business he owned.

Specifically, Beaudette told these victims that he owned a business known as “Thunderbird Aviation,” which allegedly brokered sales of airplanes.

Beaudette frequently promised his victims that he would repay the loans with profits from upcoming airplane sales transactions. Beaudette further acknowledged that he caused some of his victims to provide additional funds to him by telling them that he needed these additional monies until Thunderbird Aviation could complete a purported upcoming airplane sale.

The charge in this case carries a maximum penalty of 20 years in prison, and a $250,000
maximum fine, or an alternate fine totaling twice the loss or twice the gain, whichever is greater, a
period of supervised release of up to 3 years following imprisonment, and restitution. The actual
sentence will be determined by the United States District Court, guided by the advisory United
States Sentencing Guidelines.

Sentencing has been set for April 10, 2012, at 2:30 p.m.

The investigation was conducted under the auspices of the Financial Fraud Enforcement
Task Force, which includes representatives from a broad range of federal agencies, regulatory
authorities, inspectors general, and state and local law enforcement who, working together, bring
to bear a powerful array of criminal and civil enforcement resources. The task force is working to
improve efforts across the federal executive branch, and with state and local partners, to investigate
and prosecute significant financial crimes, ensure just and effective punishment for those who
perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover
proceeds for victims of financial crimes. For more information on the task force, visit:
www.StopFraud.gov.

The guilty plea was announced today by Patrick J. Fitzgerald, United States Attorney for the
Northern District of Illinois; Robert D. Grant, Special Agent-in-Charge of the Chicago Office of
Federal Bureau of Investigation; and Illinois Secretary of State Jesse White.

The government is represented by Assistant U.S. Attorney Scott A. Verseman.


Comments

Huntley’s Frank Beaudette Pleads Guilty to Defrauding “Friends” of $800,000 — 5 Comments

  1. He got 800.00 from my friend but nothing from me tried 4 times.

  2. He befriended my 75 year old father at high school football games and under false pretense, he scammed my him for several thousand dollars.

    I called Frankie The Fabricator and under the highest comportment, inquired about his repayment intentions.

    “Oh yeah Tom, this Friday.”

    Last weekend he called my Father no less than 50 times, all under the guise of repayment or more monies?

    My sister called his wife who she knew professionally, Frankie pretended to be his wife (really – this guy is a piece of work).

    Eventually he put the phone on speaker and before my sister could muster a word and who had not identifed herself, the poor wife went into a tirade of expletive deletives.

    No money – but 3 hots & a cot Frankie!

  3. Frankie is such a smooth talker and scammer I am sure he will try to scam his inmates too.

    I am so thrilled that they finally got him!!!

  4. Scammed my neighbor out of $50k on a Cuban cigar venture in the same way described above.

    Squeal like a pig Franky!

    Those guys in the pen are going to love your Italian rear.

  5. Screwed me and ny partner out of a couple thousand dollars as well years ago when we had out restaurant.

    Catered a party for their sons graduation.

    Also had us to the house as so called friends.

    Tried to collect numerous times , neither he nor his wife would answer the door or return our calls.

    Finally had to take him to small claims court where we won, but try to collect.

    What a piece of work they both are! Hope he gets what he deserves in prison!

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