Former CFS execs indicted on federal charges

Monday, July 21st 2003, 12:00 am
By: News On 6

(Tulsa-AP) -- Two more former executives of collapsed credit company Commercial Financial Services were charged with defrauding investors and laundering money in an indictment unsealed Monday.

Investment relations director Gertrude Ann Brady faces 13 counts and business development director Jimmy Bruce Hadden faces ten counts of conspiracy, fraud and money laundering.

The pair are accused of falsely inflating the company's performance.

Investors lost more than $1-billion when the company folded in 1999.

Brady was arrested Monday in Chicago, where she now lives. Hadden, of Oklahoma City, was expected to turn himself in and appear before a judge in Tulsa Tuesday.

CFS founder and chief executive officer Bill Bartmann faces 57 counts of conspiracy, fraud and money laundering. The government is also seeking forfeiture of $129.5-million. Bartmann has pleaded innocent.