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3 ex-trucking executives in Texas get prison for $16M fraud

HOUSTON (AP) — The former head of a South Texas trucking company must serve eight years in prison over a nearly $16 million loan scam. Sergio Lagos was sentenced Monday in federal court in Houston. He's the former CEO of McAllen-based USA Dry Van Logistics. The 46-year-old Lagos last year...

HOUSTON (AP) — The former head of a South Texas trucking company must serve eight years in prison over a nearly $16 million loan scam.

Sergio Lagos was sentenced Monday in federal court in Houston. He's the former CEO of McAllen-based USA Dry Van Logistics.

The 46-year-old Lagos last year pleaded guilty to conspiracy to commit wire fraud and six counts of wire fraud.

Two other former executives earlier pleaded guilty to conspiracy to commit wire fraud. Aurelio "Jim" Aleman, who's an ex-chief operations officer, was sentenced to nearly four years. Ex-controller Oscar Barbosa was sentenced Monday to two years in prison.

The men must repay nearly $16 million to GE Capital Corporation, which provided a line of credit to the trucking company based on what turned out to be inflated financial figures.