EAST ORANGE, NJ - Despite former president Jack Manning's embezzlement of $6.2 million from the company, American Leasing Corp. said it has survived the "unfortunate situation" and is moving forward.
In a letter addressed to Ed Bobit, founder and chairman of Bobit Business Media and Automotive Fleet editor, American Leasing Chairman and CEO Arthur Steven Lewis (shown left) stressed that none of its customers "incurred or were exposed to any financial loss."
"Our banks have stood behind us 100 percent and our financial strength is solid," wrote Lewis, who noted all losses in the fraud have been covered - with a considerable increase in demand for new leases.
Manning, former president of American Leasing Corp., 54, pled guilty July 14 to embezzling approximately $6.2 million from the company. His sentencing is scheduled for Oct. 19.