Businessmen Found Guilty In Fraud Case Pair Convicted Of Some Federal Charges, Cleared Of Others

Sat., Aug. 26, 2000

By Bill Morlin billm@spokesman.com

Two businessmen accused in a $2 million fraud case were convicted of some federal charges and acquitted of others Friday following a three-week trial.

Michael D. Booth was convicted of 76 counts of money laundering and nine counts of wire fraud. He was acquitted of conspiracy and 20 other counts of money laundering.

His partner, Louis R. Bories, was convicted of five counts of wire fraud.

Bories was acquitted of conspiracy, 94 counts of money laundering and six other counts of wire fraud.

The two men were executives of LeasX Inc., a Spokane-based business that advertised nationally.

LeasX began operating in 1997, taking “advance fees” from struggling companies, promising to find investment capital or equipment.

Between January and September 1998, LeasX raised almost $2 million in cash from five companies.

The victim-companies were Crawford Forest Products; Irvine Flexible Packaging; Avigen Inc.; 21st Century Telesis Inc., and Quad-Cities Construction.

Investigators said the two men used some of the money wired to LeasX to support their lavish lifestyles.

Booth, 38, and Bories, 29, were arrested by FBI agents in January 1999.

A month before their arrests, the two men started another company, Angular Communications Inc.

They went on trial in U.S. District Court on Aug. 7.

The 12-member jury began deliberations on Wednesday.

U.S. District Court Judge Edward Shea ordered background reports on the two defendants and said sentencing likely would occur in November.

Booth was ordered to remain in custody at Turner House, a halfway house under federal contract in Spokane.

Bories was allowed to remain free, pending sentencing, on a $35,000 bond.

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