Former Springfield Business Owner Accused of Loan Fraud | USAO-MDTN


NASHVILL – A federal indictment was released today in which Chad William Rudichel, 52, formerly of Springfield, Tennessee, was charged with seven counts of electronic communications fraud, one count of mail fraud and two counts of aggravated identity theft, as announced by Acting US Attorney Mary Jane Stewart. Middle Tennessee. Rudisel was arrested by FBI agents at his home in Largo, Florida earlier this morning.

According to the indictment, Rudicel owned Ellis & Rudicel Welding (E&R), a steel manufacturing and welding company located in Springfield, Tennessee. In the summer of 2015, Rudichel offered to acquire another welding and steel fabrication facility, Brown’s Welding and Steel Services / Brown Cliff Crane (Brown’s Welding). The business owner gave Rudichel access to the books and records of the business so that Rudicel could evaluate the business. In fact, Rudicel never bought Brown’s Welding, but instead, in the spring of 2016, Rudicel requested funding from Thermo Communications Funding, LLC (Thermo). As part of the loan agreement, Rudicel falsely claimed that E&R had completed $ 279,700 worth of work for Brown’s Welding. In fact, E&R did not do any work for Brown’s Welding, and Brown’s Welding did not owe E&R any money. Rudichel issued fabricated invoices to Thermo and forged the owner of Brown’s Welding’s signature on a number of documents. In addition, Rudichel falsely told Thermo that the owner of Brown’s Welding had agreed to the deal. Rudisel did not pay off Thermo loan, but instead took out another $ 25,000 loan from investment company New Hope Properties, LLC, which he promised to repay within two months. Rudichel opened a bank account in the name of Brown’s Crane Welding Service and deposited a check into that account. He then wrote Thermo a check for $ 25,000 from that account, but that check was returned due to lack of funds because Rudichel had already spent the money he received from New Hope.

In March 2017, Rudicel applied for another loan, this time from Construction Finance LLC. Rudisel applied for a loan on behalf of the owner of Brown’s Welding without his knowledge and forged the owner’s signature on several documents. Rudicel provided Construction Finance with several false invoices and work contracts, which indicated that Brown’s Welding had contracted with various clients and that Brown’s Welding had subcontracted these work to E&R. Rudichel mistakenly assumed that E&R owed approximately $ 531,000. Some of these fake documents contained fake signatures from a Brown’s Welding employee and alleged client representatives. Aside from the fake signatures, these invoices and contracts were fake and bogus because neither E&R nor Brown’s Welding contracted with these clients, did the work, or had money from any of these clients.

If convicted, Rudichel faces a mandatory two-year imprisonment on each count of aggravated identity theft, as well as up to 20 years and a $ 250,000 fine on each bill for wire and mail fraud.

The case was being investigated by the Federal Bureau of Investigation. Assistant US Attorney Catherine W. Booth is leading the case.

An accusation is just an accusation. The defendant is presumed innocent until proven guilty in court.

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