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Tue, Mar 23, 2010

Aircraft Leasing Execs Charged With Bribery In Chicago

Payoffs Allegedly Assured Aircraft Purchase

Brian Hollnagel, the owner and CEO of BCI Leasing, and Brian Olds, former VP with AAR Corp, an aircraft group, have been indicted by the U.S. Attorney for the Northern District of Illinois on bribery charges.

Court documents indicate that BCI paid two bribes to Olds totalling $430,000 to guarantee that AAR would buy two planes from BCI which would be leased to US Airways. The transactions allegedly took place in 2004 and 2005.

Dow Jones Newswires reports that Hollnagel and Olds are also accused of making a deal for AAR to sell three planes to BCI for lease to Continental Airlines.

Hollnagel has been charged with one count of wire fraud, while Olds has been charged with tax evasion.

FMI: http://www.justice.gov/usao/iln/

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