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Englishman Pleads Innocent In Boyd Bank Case

July 30, 1986

MINNEAPOLIS (AP) _ An Englishman who offered to loan $1.25 billion to beleaguered farmers has pleaded innocent to fraud charges and to interstate transportation of stolen checks.

Jonathon May entered the plea Tuesday before U.S. Magistrate Floyd Boline, who set trial for Sept. 29.

May, who had no comment in court on the charges, told Boline his residence was the United Kingdom, or Monte Carlo ″when I’m not on business.″

He will be held without bond unless Scott Tilsen, his court-appointed attorney, seeks a separate detention hearing. Tilsen said he will seek an expedited trial date.

If convicted, May could be sentenced to up to 55 years in prison and fined up to $2 million, said John Lee, assistant U.S. attorney.

Neither Tilsen nor Lee would comment after the hearing.

″You’ll hear our side in court,″ Tilsen said.

An eight-count indictment handed up this month alleges that May had 1,000 blank cashiers checks made up in the name of the defunct State Bank of Boyd in Minnesota, and that he mailed some checks to people in at least five states and British Columbia. The checks were made out for a total of $681,712.

May had earlier told Boyd residents that he represented 700 international trusts that had $1.25 billion to lend to farmers at near-zero interest rates. Wendy Nora, a Minneapolis attorney, described the equity source as a secret trust established in 1647 by King Charles I of England.

The indictment alleges May represented to officials that he controlled English trusts that had assets of more than $152 billion. May allegedly told the Lac Qui Parle Bancorporation, holding the assets of the defunct Boyd bank, that he would transfer $1.6 billion to buy Lac Qui Parle and recapitalize the Boyd bank.

May has a record of petty crimes in Great Britain, according to British court records. His record includes convictions for theft from a shop and theft of a boat trailer in the late 1970s, the Minneapolis Star and Tribune reported. In 1980 May was ordered to pay a 750-pound fine - about $1,110 - or serve three months in prison after he was convicted of receiving stolen goods, court records indicate.

The Englishman also has several traffic convictions and two firearms convictions, the Star and Tribune reported, citing court records.

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