Toy Maker Praised as Grenada Example Guilty of Fraud
A man praised by President Reagan for opening a toy factory in Grenada faces punishment of up to five years in prison and a $10,000 fine for defrauding the U.S. government.
William Ingle, 60, of Virginia Beach pleaded guilty in U.S. District Court on Monday to one felony count of giving a false statement to a federal agency to obtain $350,000. He is to be sentenced Feb. 2.
Ingle gave false financial information to the Overseas Private Investment Corp., the government agency that backed his effort to start the first American business on the Caribbean island after the 1983 U.S. invasion.
The factory drew a commendation from Reagan and national publicity as an example of free enterprise in a formerly communist country. But it produced few toys and shut down after four months. The U.S. government was left responsible for $525,000 in debts.
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