Brandon Woodrome, the 29-year-old former Fort Smith construction company owner, has asked for a light term in federal prison when he is sentenced next week for one count each of bank fraud and wire fraud.
Woodrome admitted to receiving more than $2.1 million from First Western Bank of Booneville and Rioux Capital of Austin, Texas, by submitting fraudulent invoices. His plea agreement suggests a likely sentence of two to four years.
In a filing at the end of the month, Woodrome pointed out that he didn’t prey on the elderly or needy people.
“There is no ‘hole’ where the money went: no gambling habit, no drugs, no fancy cars,” according to the filing by Fort Smith attorney Matthew T. Horan. “Brandon got in over his head, panicked and made disastrous choices.”
Horan also estimated that the victims’ losses were less than $1.5 million. (The sentencing guideline range adds 10 months to a sentence for a scheme that involves a loss of more than $1.5 million, Horan said.)
“Brandon Woodrome is no saint,” Horan said. “Between 2008-2014, he went too far, too fast (legitimately, but imprudently). Then, unexpected reverses occurred.”
In 2013, Woodrome’s construction business, Behr LLC, had $10.3 million in revenue. In 2014, revenue plummeted to $6.6 million.
Horan said one of the key tipping points occurred in 2014 when the IRS said Woodrome owed $250,000. If it wasn’t paid in 30 days, the revenuers said they would slap a lien on his assets and accounts, effectively putting him out of business.
“Brandon made the fateful criminal decision to pay the IRS, indirectly using the line of credit he had legitimately opened with First Western Bank,” Horan said.
Woodrome was never able to repay the money. But his motives had been to save Behr and his home.
“Brandon took on too much work and too much debt with too little experience,” Horan said.
Horan said the public doesn’t need to fear Woodrome, who has been cutting timber, making pallets and doing small remodeling jobs.
Woodrome will be sentenced April 18 by Chief U.S. District Judge P.K. Holmes III in U.S. District Court in Fort Smith.