Former bank president from Altus gets prison for $10M bank fraud
OKLAHOMA CITY — A federal judge has sentenced the former president of an Altus, Oklahoma, bank to four years in federal prison and ordered him to pay $10 million in restitution.
Paul Harold Doughty was sentenced Thursday in Oklahoma City after he was convicted last July of bank fraud, conspiracy and other charges. The 67-year-old Edmond resident must pay the restitution to the Federal Deposit Insurance Corp.
Doughty was convicted along with Fred Don Anderson of Eagle Point, Oregon, on charges arising from the bank fraud scheme. Anderson was sentenced Dec. 2 to 18 months in prison after pleading guilty to bank fraud conspiracy.
The allegations involve loans at First State Bank of Altus, where Doughty was president and chairman. The bank closed in July 2009 due to loan losses.
Source: http://www.tulsaworld.com/news/state/former-bank-president-from-altus-gets-prison-for-bank-fraud/article_024fa82e-2447-5813-9fad-56cba7b5a4be.html
= new reply since forum marked as read
Kick in to the DU tip jar?
This week we're running a special pop-up mini fund drive. From Monday through Friday we're going ad-free for all registered members, and we're asking you to kick in to the DU tip jar to support the site and keep us financially healthy.
As a bonus, making a contribution will allow you to leave kudos for another DU member, and at the end of the week we'll recognize the DUers who you think make this community great.