One of the three Andalusia businessmen indicted by a federal grand jury for his involvement in a $53 million loan fraud scheme in Pennsylvania will plead guilty in July.

According to Lancaster Online, a Pennsylvania news organization, John Wiley Spann will enter his plea in Philadelphia federal court on July 25.

Spann faces 15 counts of wrongdoing ranging from mail fraud, money laundering, conspiracy and conspiracy to commit money laundering.

The newspaper reported that court records do not specify which counts Spann will admit.

He will be the fourth of the eight defendants indicted in the case last November to plead guilty.

Spann and local insurance agents Harold Young and John S. Tomberlin, along with the other defendants, allegedly created false loan documents for logging equipment sales through a company called Equipment Finance LLC, or EFI.

Spann has been free on a $50,000 bail since December.

– Stephanie Nelson