page contents Ex-bank president gets 8 years for fake loans, arson to try to cover up fraud – The News Headline

Ex-bank president gets 8 years for fake loans, arson to try to cover up fraud

A former Texas financial institution president who issued hundreds of thousands in faux loans over nearly a decade and set a hearth to check out and canopy the fraud used to be sentenced to 8 years in jail Tuesday, prosecutors stated.

Anita Gail Moody, 57, pleaded accountable in June to conspiracy to dedicate financial institution fraud and arson.

She used to be ordered to pay greater than $11 million in restitution, which is what the now-closed Enloe State Financial institution that she ran misplaced, the U.S. Legal professional’s Place of job for the Japanese District of Texas stated.

Moody used to be president of the financial institution in Cooper, round 80 miles northeast of Dallas, and the fraud she pleaded accountable to started in 2012.

In Would possibly 2019 — someday earlier than the Texas Division of Banking used to be scheduled to behavior a overview — Moody set a hearth within the financial institution boardroom with information left on a desk, all of that have been burned, consistent with prosecutors.

She had created greater than 100 fraudulent loans through the years, prosecutors stated in courtroom paperwork.

She used probably the most cash on her boyfriend’s and buddies’ companies, for circle of relatives and for her personal way of life, together with a Jeep. Different federal investigators stated probably the most loans have been taken out to pay the pastime and fundamental at the others, in order that not anything would appear amiss.

A request for remark from Moody’s legal professional used to be now not right away returned Tuesday night time.

Her legal professional argued in courtroom paperwork that Moody labored for the financial institution her entire grownup existence and described a existence spiraling out of keep an eye on, including that she first lent the cash out of sympathy, however in 2012 began started the usage of the loans for herself.

“Legal behavior that is affecting the monetary well being of a small, native lender can ship a damaging ripple impact right through all of the group,” appearing U.S. Legal professional Nicholas J. Ganjei stated in a commentary.

The financial institution used to be closed through the Texas Division of Banking in 2019. It have been chartered in 1928. On the time, the dept stated it used to be compelled to take action “because of insider abuse and fraud through former officials.”

A former financial institution vice chairman, Jeannie Swaim, ultimate yr pleaded accountable to a unmarried depend and used to be sentenced to 2 years in jail and ordered to pay greater than $410,000 in restitution, consistent with the U.S. legal professional’s place of work and courtroom information.

The Federal Deposit Insurance coverage Company, which insures deposits, used to be appointed as receiver after the financial institution failed. The loss to the company’s deposit insurance coverage fund used to be round $21 million, an inspector common’s file stated.

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