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Category Archives: Bank Fraud

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GA Father and Son Sentenced for Bank Fraud for Bribing Banker in Exchange for $13 Million in Loans

Posted in Bank Fraud

Last Monday, Brad Heard, Sr., of Camilla, Georgia, and Brad Heard, Jr., of Leesburg, Georgia, were sentenced in the U.S. District Court for the Middle District of Georgia to 30 and 33 months’ imprisonment respectively, and were ordered to pay $5 million in restitution. The father and son entered guilty pleas back in September to charges… Continue Reading

South Georgia Bank Director, Accused of Stealing $40 Million and Believed Dead, Arrested on I-95 in Georgia

Posted in Bank Fraud

Aubrey Lee Price, the former Director of Montgomery Bank & Trust in Ailey, Georgia, was arrested last week following a traffic stop on Interstate 95, as reported by the Associated Press. Price is under indictment in Federal court in Georgia and New York. The U.S. Securities and Exchange Commission has also filed a civil complaint… Continue Reading

Ellijay VP of Appalachian Community Bank Sentenced to 5 Years, 10 Months

Posted in Bank Fraud, Sentencing

Adam Teague of Ellijay, Georgia, former Senior Vice President of Appalachian Community Bank, was sentenced to 5 years’ and 10 months’ imprisonment Friday after pleading guilty last August to conspiracy and fraud charges in the U.S. District Court for the Northern District of Georgia. Teague was also ordered to pay $5.8 million in restitution, his… Continue Reading

Former FirstCity Bank CEO Sentenced to 12 Years for Multimillion Fraud Scheme

Posted in Bank Fraud

Former President, Chief Executive Officer, Acting Chairman and Vice Chairman of FirstCity Bank Mark A. Conner was sentenced to 12 years’ imprisonment in the U.S. District Court for the Northern District of Georgia, as reported in the Canton-Sixes Patch. He had been indicted in March, along with FirstCity Vice President Clayton A. Coe. Conner and… Continue Reading

Former Director of Montgomery Bank & Trust Indicted for Embezzling $17 Million; Has Fled; Possible Suicide

Posted in Bank Fraud

Aubrey Lee Price, former Director of Montgomery Bank & Trust, was indicted yesterday in the U.S. District Court for the Southern District of Georgia in Savannah on charges of embezzling approximately $17 million from the bank. Price, however, disappeared in mid-June, according to SFGate. Price left a rambling confession which has caused investigators to believe… Continue Reading

What is the Deal With this Administration’s Handling of the Mortgage Crisis?

Posted in Bank Fraud, Financial Institution Fraud, Fraud

I began working as an Assistant U.S. Attorney in 1990, just this side of the Savings and Loan crisis caused by the implosion of the real estate market and the criminal dealings in that industry. To understand how quickly history repeats itself, check out this interesting analysis by the FDIC and its ironic title –… Continue Reading

Former Community Bank & Trust Executive Pleads Guilty to Fraud Charges

Posted in Bank Fraud, Fraud

Randy Jones, a former executive vice president with Community Bank & Trust who worked for the bank for 30 years, pled guilty last week in the U.S. District Court for the Northern District of Georgia for an alleged multi-million dollar fraud scheme, according to an article in the Atlanta Journal-Constitution. Specifically, Jones was alleged to… Continue Reading

Chairman of Nation’s Largest Mortgage Company Indicted for Bank Fraud and TARP Fraud in Relation to Scheme Against Colonial Bank, SEC Charges Filed

Posted in Bank Fraud, Fraud, indictment

The U.S. Department of Justice and the U.S. Securities and Exchange Commission have brought criminal charges and civil claims against Lee B. Farkas, former Chairman of Taylor, Bean and Whitaker Mortgage Corp. (“Taylor Bean”) for allegedly selling at least $1.5 billion in fictitious and impaired residential mortgage loans to Colonial Bank and its parent company,… Continue Reading

New York Defendant Indicted for $50 Million in Fraud from ATM, Armored Car and Other Businesses

Posted in Bank Fraud, Fraud

As reflected in an FBI press release, an indictment was unsealed in the U.S. District Court for the Southern District of New York against Robert Egan, President of Mount Vernon Money Center (MVMC) on Wednesday charging Egan with one count of conspiracy to commit bank fraud and wire fraud and six counts of bank fraud for… Continue Reading