Charter firm rebuilds in wake of fraud charges | Aviation International News

Charter & Fractional

Charter firm rebuilds in wake of fraud charges

In what is being described as the largest money-laundering investigation in Alaska’s history, Mark Avery, the former owner of Anchorage-based air charter a

By Curt Epstein • Business Aviation Services Editor

March 28, 2007

In what is being described as the largest money-laundering investigation in Alaska’s history, Mark Avery, the former owner of Anchorage-based air charter and medevac operator Security Aviation, has pleaded guilty to embezzling more than $52 million from a charity organization. Avery, a trustee and lawyer for the May and Stanley Smith Charitable Trust, pleaded guilty on March 6 to five counts of wire fraud and 10 counts of money laundering.

According to the U.S. district attorney’s office, in 2005 Avery became interested in obtaining a U.S. government contract that would have involved the purchase and financing of several executive jets. Authorities say Avery arranged for a $52 million loan–using the Trust funds as collateral–which he then used instead for personal purchases, including P-51 Mustang and F4U Corsair warbirds, a 47-foot yacht and a recreational vehicle, among other items.

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