Springfield SBA branch manager indicted

Larry Steven Aduddle, 60, of Springfield, was charged in a two-count indictment returned under seal by a grand jury in Springfield on May 16. The indictment was unsealed and made public May 17 upon Aduddle’s arrest and initial court appearance.

The indictment alleges that Aduddle made a false statement on a loan application for Amarillo Scottie’s LLC, a frozen custard stand in Amarillo, Texas, at Mid-America Bank and Trust Co. in Dixon, Mo., on April 10, 2006.

According to the indictment, Aduddle allegedly indicated he owned stock in Metropolymer Labs Inc. on a personal financial statement he submitted to the bank in an $80,070 loan application. Aduddle allegedly claimed the stock was valued at $235,000 when he knew the stock was of little or no value.

Aduddle told Springfield Business Journal in June 2005 that he owned and operated Nixa-based Metropolymer Labs from 1991 to 2001, when he sold the company and moved to Kansas City for a job with the U.S. Department of Homeland Security. Aduddle was hired as SBA branch manager after returning to the Ozarks in 2004.

Aduddle also allegedly made false statements to the SBA on Feb. 5 of this year when he said he had no reportable liabilities and no reportable outside positions. In fact, Aduddle had an $80,000 obligation, representing his debt on the SBA-guaranteed loan at Mid-America Bank and Trust Co., according to the indictment. In addition, Aduddle allegedly was the managing member of Amarillo Scottie’s.

Local SBA spokeswoman Janice Bowman referred calls about Aduddle’s indictment to Regional Director Sam Jones. Jones did not immediately return a message left at his Kansas City office.

The charges against Aduddle are accusations, and evidence supporting the charges must be presented to a federal jury, according to a news release.

The case is being prosecuted by Assistant U.S. Attorney Richard E. Monroe, and was investigated by the SBA, Office of Inspector General and the FBI.[[In-content Ad]]