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Man Faces Up To 5 Years For Lying On Bank Loan
April 13, 2012
An Escambia County, Ala., man faces up to five years in federal prison after admitting to making a false statement on a bank loan.
United States Attorney Kenyen Brown said Brewton resident Jack Witherspoon Hines pleaded guilty to charges that he made a false statement pertaining to a bank loan in violation of federal law.
As part of his plea, Hines admitted that he pledged shares of stock as collateral for a loan from the Bank of Brewton when he had already pledged the same stock for a loan from another bank, which maintained the original stock certificate. In so doing, Hines falsely represented that the stock had been pledged as collateral only for the Bank of Brewton loan, according to Brown.
Hines faces a statutory maximum penalty of five years imprisonment, plus a fine of $250,000. His sentencing is set for July 19 before United States District Court Judge Kristi Dubose.
The Federal Deposit Insurance Corporation (FDIC) investigated the case.
Comments
6 Responses to “Man Faces Up To 5 Years For Lying On Bank Loan”
Keeping it real…some folks believe there are a set of rules for others and then there is a set for them …although their rules are flexible at will…. and when they get caught for not being honest and forth coming with their financial position …well lets see what happens in this case…a slap on the hand or a kick in butt…i’ll opt for the kick to the butt…buttttt….I won’t hold my breath.
Can we get some of those banks that were just making up annual incomes on loan applications to get more subprime loans to sell as AAA investments a stretch in jail as well, or is it only guys like this that get jail time for bank fraud?
But a child molester or drug dealer gets probation. Our law makers are doing such a great job aren’t they?
baebae, get your theology right – It’s the LOVE of money that’s the root of all evil.
If this keeps up, people will have to stop lying.
Not gonna happen.
MONEY….the root of all evil…in todays world anyway !!