Terrance John “TJ” Cox, 59, of Fresno, is charged with 15 counts of wire fraud, 11 counts of money laundering, one count of financial institution fraud and one count of campaign contribution fraud. According to the allegations in the indictment, Cox committed multiple fraud schemes targeting companies he was associated with and their customers and vendors. Cox created unauthorized off-the-books bank accounts and diverted client and company funds into those accounts through false statements, pretenses, and promises. From 2013 to 2018, in two separate fraud schemes, Cox illegally obtained over $1.7 million in diverted customer payments and corporate loans and investments that he solicited and then stole. In addition, Cox allegedly obtained mortgage funds from a lender for a property purchase by making multiple false statements to the lender, including fabricated bank statements and falsely stating that Cox intended to live in the property as his primary residence. However, the indictment alleges that Cox intended and purchased the property to rent it to someone else. According to the allegations in the indictment, Cox also obtained a fraudulent construction loan of $1.5 million to develop the recreation area in Fresno known as Granite Park. Cox and his partner’s nonprofit could not qualify for the construction loan without a financially viable party to guarantee the loan. Cox falsely claimed that one of his affiliates would guarantee the loan and submitted a bogus board resolution that falsely stated that at a meeting on a given date all of the company’s owners agreed to guarantee the Granite Park loan. No meeting took place and the other owners did not agree to support the loan. The loan later defaulted causing more than $1.28 million in losses. The indictment alleges that when Cox was running for the US House of Representatives in the 2018 election, he engaged in a scheme to finance and reimburse family members and associates for campaign donations. Cox arranged for over $25,000 in illegal straw or pipeline donations to his 2017 campaign. If convicted, C ox faces a maximum sentence of 20 years in prison and a $250,000 fine on the wire fraud and money laundering charges. He faces a maximum statutory sentence of 30 years in prison and a $1 million fine for fraud affecting financial institutions and financial institutions. He faces a maximum statutory penalty of five years in prison and a $250,000 fine for campaign contribution fraud. Any sentence, however, will be determined at the court’s discretion after considering any applicable legal factors and the Federal Sentencing Guidelines, which take into account a number of variables. Accusations are only allegations. the accused is presumed innocent until and unless proven guilty beyond a reasonable doubt. U.S. Attorney Phillip A. Talbert of the Eastern District of California made the announcement. The FBI and IRS Criminal Investigation are investigating the case. Assistant U.S. Attorneys Henry Z. Carbajal III and Jeffrey A. Spivak are prosecuting the case. An indictment is just an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
