Atlanta, Georgia – A Georgia businessman has admitted to orchestrating a fraudulent scheme that deceived both a financial institution and a federal agency, leading to millions of dollars in financial losses. Spencer Askew, 46, the founder and former CEO of E-Freight Solutions Worldwide, LLC, pleaded guilty to bank fraud and making false statements to the U.S. Department of Veterans Affairs (VA), marking a dramatic downfall for the logistics entrepreneur, the Department of Justice said in a news release.
Askew’s scheme revolved around securing a $1 million line of credit from Vinings Bank under false pretenses. Prosecutors revealed that in 2018, he misrepresented his company, Teknowlogi, as a legitimate and financially sound business when, in reality, it was a shell entity with little to no real operations.
He claimed the funds were needed to acquire another logistics company, SaaS Transportation, but in truth, the application was built on fabricated financial statements and misleading claims about Teknowlogi’s business dealings.
Authorities say that Askew’s fraudulent activities didn’t end there. In June 2020, at the height of the COVID-19 pandemic, he made false representations to a federal agent, claiming he had connections with manufacturing giant 3M and could supply the VA with KN95-like masks. This deceitful ploy was aimed at profiting from the government’s desperate efforts to secure personal protective equipment for healthcare workers and veterans.
The U.S. Attorney’s Office emphasized the gravity of Askew’s actions.
“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,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “This prosecution underscores our commitment to work with agency partners to combat all forms of fraud and deception.”
Special Agent in Charge Kyle A. Myles of the Federal Deposit Insurance Corporation (FDIC) Office of Inspector General, underscored the impact of financial fraud.
“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,” said Special Agent in Charge Kyle A. Myles, of the Federal Deposit Insurance Corporation, Office of Inspector General, Atlanta Region.
“The FDIC OIG will continue to work diligently with our law enforcement partners to investigate and hold accountable those who commit such fraudulent offenses that threaten the safety and soundness of our Nation’s financial institutions.”
Askew’s legal troubles escalated in April 2023 when a federal grand jury indicted him on charges of bank fraud and money laundering. Nearly a year later, in April 2024, he was apprehended in Arizona after crossing the border from Mexico. Under his plea agreement, Askew has agreed to pay over $6 million in restitution to compensate for the financial damage caused by his fraudulent schemes.
His sentencing is set for May 15, 2025, before Chief U.S. District Judge Timothy C. Batten, Sr. With federal fraud convictions carrying significant penalties, Askew could face a lengthy prison term, further cementing the consequences of his years-long deception.
