Article found in the Times Union Local News Buffalo, New York
HUGE CREDIT CARD DEBT RAISES EYEBROWS AT FBI
Associated PressSection: CAPITAL REGION, Page: B2
Date: Wednesday, November 5, 1997 BUFFALO — The FBI is investigating the bankruptcy claim of a Buffalo music executive, who accumulated more than $300,000 in credit card debt while reporting annual earnings of less than $7,000 the last three years. Raymond Borgfeldt, a world-traveling executive who ran a music recording studio in Buffalo, filed what is believed to be the second-highest credit card debt ever reported in a local bankruptcy, The Buffalo News reported today.
Buffalo FBI officials are now looking into the case for possible fraud.
Borgfeldt could not be reached for comment but his lawyer told Bankruptcy Court officials that part of the debt resulted from Borgfeldt being cheated in a deal.
Raymond Borgfeldt is back to his flim flam ways. Currently under investigation today (2009) for Counterfeiting Rental Car Vouchers, Insurance Fraud, Identity theft for Stolen Credit Cards, Smuggling Pro Audio equipment overseas evading vat taxes, Bank loan fraud for falsifying car dealer documents, & IRS Fraud.
The Bankruptcy in 1997 was due to a gambling debt in Canada He smuggled cash over the border, customs confiscated the smuggled cash, so he paid his Casino debts with credit cards & filed bankruptcy.
Same as today, Lost large amounts in the Las Vegas Casinos, but used other people’s credit cards to pay his debts & frauded banks for Inventory financing for his pro audio equipment. There is no inventory, they were falsified documents for Inventory in the UK for his UKPROAUDIO ebay store. The store was closed & is now under investigation with the UK Government for evading Vat taxes through customs.
Raymond Borgfeldt is known within the Music Industry & the Pro Audio Industry as a shady character Worldwide.
This post was submitted by stephanie silk.
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