Ex-Oklahoma bank CEO sentenced to four years, $137 million restitution

OKLAHOMA CITY — The former president and CEO of a shuttered Oklahoma bank has been sentenced to four years in a federal prison and ordered to pay more than $137 million in restitution for making false statements.

Federal prosecutors say 68-year-old John Arnold Shelley of Oklahoma City was sentenced Friday after pleading guilty to making a false statement to the Federal Deposit Insurance Corporation.

Shelley was named in a 23-count federal indictment following the failure of the Bank of Union of El Reno, which state banking regulators closed in January 2014 due to its losses. He pleaded guilty to falsely claiming the bank had total equity capital of more than $36 million when he knew it was significantly less.

Shelley’s attorney, Dan Webber, said Monday he had no comment on the sentence.

Read more: http://www.swtimes.com/news/20181218/ex-oklahoma-bank-ceo-sentenced-to-four-years-137-million-restitution


Related article:
https://www.fraudswatch.com/financial-fraud-john-arnold-shelley-indicted-for-conspiracy-and-commit-bank-fraud-at-the-bank-of-union-bou/