Authorities on Tuesday charged Boyd Davis Jr., the embattled former owner of a Chester County oil company, with committing a “massive theft” of his late parents’ assets.
In court documents, authorities allege Davis used a complicated scheme of financial and legal transactions to take money from his parents’ estate.
Davis, 70, of East Bradford, surrendered to Chester County Detectives and was arraigned about 10:30 a.m. before Magisterial District Judge Gwenn Knapp. He was released on $250,000 unsecured bail and faces counts of theft by deception, theft by failing to make required disposition of funds, receiving stolen property, forgery, misapplying entrusted property and dealing in proceeds of unlawful activities.
A preliminary hearing has been set for July 21.
The accused’s father, Boyd Davis Sr., started the Moulton H. Davis Estate Oil Co. in 1955 as an offshoot of the family’s lumber business. At the heart of the allegations against Davis Jr. is a $500,000 mortgage that investigators say he fraudulently acquired on his mother’s home on West Strasburg Road outside West Chester to pay off a debt to a friend, which in turn had been used to pay off other debts from other friends and other personal expenses.
Detectives say Davis switched funds from a Commerce Bank account set up to hold his parents’ assets to accounts of his own in the bank. They allege he also used deposits to an account of the oil company for his own purposes, even though they should have been split with his younger brother, Brooke Davis Sr., as co-owner of the business.
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Boyd Davis Arrested
2 comments:
Just like yesterday's story, maybe the bank should have some responsibility?
Good point, Thelma!
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