The former president of Hume Bank in Bates County will go to prison for a fraud scheme that pushed the bank into insolvency.
Forty-year-old Jeffrey W. Thompson was sentenced Wednesday in federal court to six years, six months in prison without parole. He also was ordered to forfeit $300,000, or his home. He pleaded guilty last October.
Thompson admitted in his plea that for more than three years he covered up the fraud by lying to bank regulators about problem loans and altering bank records.
Due mostly to bad loans originated by Thompson, the bank was declared insolvent and closed in March 2008. The Federal Deposit Insurance Corp. insurance fund lost $4.3 million.
Forty-year-old Jeffrey W. Thompson was sentenced Wednesday in federal court to six years, six months in prison without parole. He also was ordered to forfeit $300,000, or his home. He pleaded guilty last October.
Thompson admitted in his plea that for more than three years he covered up the fraud by lying to bank regulators about problem loans and altering bank records.
Due mostly to bad loans originated by Thompson, the bank was declared insolvent and closed in March 2008. The Federal Deposit Insurance Corp. insurance fund lost $4.3 million.
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