Saturday, October 23, 2021
66.5 F
Fort Worth

North Texas man faces up to 30 years for $8.6M loan fraud

🕐 1 min read

SHERMAN, Texas (AP) — Prosecutors say a former loan officer in North Texas has pleaded guilty in an $8.6 million scheme involving fake documents and fictitious borrowers.

Michael Shelley of Sherman pleaded guilty Wednesday to bank fraud. The 38-year-old Shelley faces up to 30 years in prison when sentenced at a future date.

Court records show Shelley from May 2016 to mid-2017 worked for Lone Star Agricultural Credit Association in Sherman. Authorities say Shelley created fraudulent loans, without the credit union’s knowledge or authorization, at negative and below-market interest rates and terms.

The scheme involved more than two dozen bogus loans, fictitious customers and unauthorized transfers.

Authorities didn’t immediately provide details on how the funds were used. A spokeswoman for the U.S. attorney’s office, Davilyn Walston, said Wednesday that prosecutors will seek restitution.

Related Articles

Our Digital Sponsors

Latest Articles

Texas Rangers
Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate