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Down but not out
01 November 2007
The US securities regulator says that BCI Aircraft Leasing has defrauded investors. BCI says it just wants to get back to business. Sophie Segal investigates
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BCI Aircraft Leasing
US Securities and Exchange Commission
The past two months have not been fun for Brian Hollnagel, chief executive officer and founder of BCI Aircraft Leasing. He has been sued for his role in what the US Securities and Exchange Commission (SEC) calls a massive Ponzi scheme, been forced to spend several days in court, had some of his company's bank accounts frozen and has had to sell at least one aircraft to pay back investors.
Despite all this he is surprisingly upbeat. "At the end of the day people are able to see that we're able to persevere through the most difficult of times," says Hollnagel, speaking from the lessor's Chicago headquarters.
"We've really been grateful for the outpouring that we've seen from the industry, in terms of financing sources and partners who are willing to buy aircraft." Now that BCI has paid back investors, the 34-yearold is looking to the future and wants to...
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