The founder of a logistics and supply company has pleaded guilty to defrauding a bank and to making false statements to the United States Department of Veterans Affairs (VA).

On March 6, 2025, Spencer Askew, 46, the founder and former CEO of Georgia-based E-Freight Solutions Worldwide, LLC, pleaded guilty to charges of bank fraud and making false statements to a federal agency, according to the U.S. Attorney’s Office for the Northern District of Georgia.

Askew was indicted by a federal grand jury in 2023 and arrested at the Arizona/Mexico border in April 2024.

Officials say Askew founded E-Freight Solutions in 2010 as a “logistics and supply company that provided a network for carriers and suppliers of goods to partner and arrange the transportation of goods.”

In 2015, founded another company called Techknowlogi Holdings that did “little or no actual business.”

In 2018, officials say Askew initially told Vinings Bank that he was seeking financing to acquire logistics company SaaS Transportation. Later he “obtained the financing by submitting materially false information regarding the nature of Teknowlogi’s business and financial condition.”

Officials say that the fraud scheme netted Askew a $1 million line of credit.

Additionally, federal authorities say that in June 2020, “Askew repeatedly lied to a federal special agent about his ability to provide protective personal equipment – KN-95-like masks – to the VA during the COVID-19 pandemic.”

As part of his plea agreement, Askew must pay more than $6 million in restitution.

“Askew can no longer avoid the consequences of engaging in a fraudulent scheme that resulted in the loss of millions of dollars and of aggravating his criminal conduct by making false statements to law enforcement,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “This prosecution underscores our commitment to work with agency partners to combat all forms of fraud and deception.”

“The defendant in this case was brought to justice for submitting falsified financial information about his companies to financial institutions in order to fraudulently obtain millions of dollars in loans and lines of credit,” said Special Agent in Charge Kyle A. Myles, of the Federal Deposit Insurance Corporation, Office of Inspector General, Atlanta Region. “The FDIC OIG will continue to work diligently with our law enforcement partners to investigate and hold accountable those who commit such fraudulent offenses that threaten the safety and soundness of our Nation’s financial institutions.”

“This guilty plea holds the defendant accountable for his egregious attempt to exploit VA programs and services during a global pandemic,” said Special Agent in Charge David Spilker, Department of Veterans Affairs, Office of Inspector General’s Southeast Field Office. “The VA OIG is dedicated to working with our law enforcement partners to ensure schemes like this are uncovered, investigated, and prosecuted to the fullest extent of the law.”

This case was investigated by the Federal Deposit Insurance Corporation- Office of Inspector General, and U.S. Department of Veterans Affairs- Office of Inspector General.