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Regulators Indict Bank President, Six Officers on Massive Fraud Charges
Seven bankers have been indicted by a
federal grand jury of conspiring to defraud their Georgia bank. The thirty-five count indictment named the former
president of the bank and six other bank officers, accusing them of
contributing to the failure of First National Bank of Savannah. The bank failed in 2010, costing the Federal
Deposit Insurance Corporation (FDIC) $90 million.
The seven allegedly colluded to hide the
bank's deteriorating condition and its millions of dollars in non-performing
loans from the bank, members of the bank's Board of Directors and federal regulators
by loaning money to unqualified nominees to make interest and other payments on
non-performing loans. They also are
accused to attempting to entice others to take over bad loans with hidden
promises, side deals, and other terms unfavorable to First National Bank and
recruiting other banks to fund non-performing loans based on fraudulent
information about the loans' quality.
The defendants allegedly falsified and fabricated numerous bank
documents and records to further their scheme.
Two of the officers...
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Regulators Indict Bank President, Six Officers on Massive Fraud Charges
Seven bankers have been indicted by a
federal grand jury of conspiring to defraud their Georgia bank. The thirty-five count indictment named the former
president of the bank and six other bank officers, accusing them of
contributing to the failure of First National Bank of Savannah. The bank failed in 2010, costing the Federal
Deposit Insurance Corporation (FDIC) $90 million.
The seven allegedly colluded to hide the
bank's deteriorating condition and its millions of dollars in non-performing
loans from the bank, members of the bank's Board of Directors and federal regulators
by loaning money to unqualified nominees to make interest and other payments on
non-performing loans. They also are
accused to attempting to entice others to take over bad loans with hidden
promises, side deals, and other terms unfavorable to First National Bank and
recruiting other banks to fund non-performing loans based on fraudulent
information about the loans' quality.
The defendants allegedly falsified and fabricated numerous bank
documents and records to further their scheme.
Two of the officers...
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