While the results of the probe have not been released, the subpoena cites a 2001 lawsuit in Alabama Circuit Court claiming that similar charges on customerinvoices were bogus.
Valdez also discussed an innovative option his firm is pioneering to give clients an alternative to the typical operating line of credit: In these cases, Pavestone will pool the customerinvoices into a fund that becomes the functional equivalent of a traditional line of credit.
Company officials created false documents, such as invoices, customer checks and account statements to verify business activity that never occurred or existed.