Two former executives of an independent air carrier have been found guilty of a multi-million dollar fraud scheme.
Judy Tull, 73, and 58-year-old Kay Ellison were convicted of multiple wire and bank fraud charges while operating the now-defunct Myrtle Beach Direct Air and Tours.
Tull was the former CEO and Ellison the vice president.
A federal jury in New Jersey found them guilty of falsifying the amount of funds being paid into an escrow account for charter flight bookings in a ‘brazen scheme,’ acting assistant attorney general John P. Cronan said in a statement.
"Judy Tull and Kay Ellison stole passengers’ money to try and prop up their failing company. It created a multimillion dollar shortfall that left passengers stranded at airports, and banks and credit card companies scrambling to pick up the pieces."
Two financial institutions were defrauded to the tune of nearly $30 million after being forced to refund thousands of passengers their money that should have remained in escrow under air charter regulations but was stolen by the two.
Tull and Ellison will receive their sentences at a hearing scheduled for July 17.
