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

A previous Texas lender president who issued millions in fake financial loans about just about a 10 years and set a fireplace to try out and include the fraud was sentenced to 8 several years in prison Tuesday, prosecutors said.

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

She was requested to pay far more than $11 million in restitution, which is what the now-closed Enloe Point out Financial institution that she ran misplaced, the U.S. Attorney’s Workplace for the Eastern District of Texas said.

Moody was president of the financial institution in Cooper, close to 80 miles northeast of Dallas, and the fraud she pleaded responsible to commenced in 2012.

In May perhaps 2019 — 1 day ahead of the Texas Office of Banking was scheduled to perform a overview — Moody established a fireplace in the lender boardroom with files still left on a table, all of which have been burned, in accordance to prosecutors.

She experienced produced additional than 100 fraudulent financial loans over the a long time, prosecutors said in court docket documents.

She employed some of the income on her boyfriend’s and friends’ firms, for spouse and children and for her very own life style, which includes a Jeep. Other federal investigators stated some of the financial loans were taken out to pay the desire and principal on the other people, so that absolutely nothing would seem to be amiss.

Moody “has skilled wonderful regret over these gatherings and can take total duty for her actions,” Moody’s attorney, John C. Ginn, claimed in an email Tuesday evening.

“She is all set to provide her sentence and will make amends as instances allow in the future,” he stated.

Ginn argued in courtroom files that Moody worked for the financial institution her full adult lifetime and explained a existence spiraling out of regulate, including that she initial lent the cash out of sympathy, but in 2012 began started using the financial loans for herself.

“Felony perform that influences the fiscal health and fitness of a modest, area loan provider can mail a adverse ripple influence all through the overall neighborhood,” performing U.S. Attorney Nicholas J. Ganjei claimed in a statement.

The lender was shut by the Texas Office of Banking in 2019. It had been chartered in 1928. At the time, the department said it was pressured to do so “owing to insider abuse and fraud by previous officers.”

A former lender vice president, Jeannie Swaim, previous year pleaded responsible to a single depend and was sentenced to two several years in prison and ordered to pay back a lot more than $410,000 in restitution, according to the U.S. attorney’s office environment and court docket data.

The Federal Deposit Insurance plan Company, which insures deposits, was appointed as receiver just after the lender unsuccessful. The loss to the agency’s deposit insurance policies fund was all around $21 million, an inspector general’s report reported.