A Billings man accused of defrauding a Canadian bank of $43.3 million has agreed to be transferred to New York for further proceedings.
Todd Capser, 47, was placed into custody of the U.S. Marshals Service Thursday for transport to the Southern District of New York.
Friends and family at the hearing in U.S. District Court in Billings declined to comment on the case.
Capser was arrested in Billings Wednesday by the FBI on an indictment from the federal district in New York, accusing him of providing misleading information about his assets to leverage $43.3 million from a Toronto lender, identified in a related civil suit as Third Eye Capital Corp., of Toronto.
The money was to pay for chemical and oil shipping tankers bought from a Hong Kong firm.
Capser apparently bought the tankers for $20 million apiece with the intention of leasing them back to the shipping company for $8,500 a day.
Afterward, Capser allegedly solicited similar investments from at least nine other lenders. Activities in the indictment began in 2016.
Prosecutors have charged Capser with wire fraud, conspiracy to commit wire fraud and aggravated identity theft. If convicted, the Billings man could face up to 43 years in prison.
Capser was a former state director for the late U.S. Sen. Conrad Burns, R-Mont. A decade ago, he was profiled in the Billings Gazette "40 under Forty" feature of up-and-coming professionals.