A letter of credit (L/C) fraudster who was apparently killed in a plane crash in the US now appears to have died in even more mysterious circumstances according to a report by the National Transportation Safety Board (NTSB).

The report says that the pilot, Milton Marshall, and his passenger, Michael Keilty, whose plane crashed in New York state three years ago "sustained lethal injuries secondary to the crash".

Gun clip found

Autopsies performed on the two men did not determine whether they were alive or dead when the plane crashed but a gun clip was found at the accident site.

The gun had a magazine capable of holding seven bullets, but crash investigators found only two bullets in it.

Fraud investigations

The FBI was investigating Keilty before the crash because he had allegedly defrauded private lenders of around US$2 million.

As collateral for several loans, Keilty had provided L/Cs, purportedly issued by a bank, to an attorney. When the loans were due, the lawyer attempted to collect on them but failed, according to the report.

Life insurance

Keilty admitted the L/Cs were fraudulent but said he could raise money elsewhere to repay a portion of the loans. He failed to raise those funds.

The alleged fraudster twice tried to obtain life insurance in the two days running up to the plane crash.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.