Wednesday, July 2, 2014

Mount Ida man gets 60-month plea deal in fraud scheme

Posted By on Wed, Jul 2, 2014 at 4:32 PM

click to enlarge STEVEN STANDRIDGE - ARKANSAS BUSINESS
  • Arkansas Business
  • STEVEN STANDRIDGE
The U.S. attorney's office has announced that Steven Standridge, 57, of Mount Ida had pleaded guilty to wire fraud and money laundering and would receive 60 months in prison. The sentence could be reduced further if he repays 80 percent of the $7 million defrauded from victims.

Here's the U.S. attorney release.

And here's some earlier Arkansas Business reporting on the case.

Standridge, who owned independent insurance agencies, was charged with borrowing money from friends and Arkansas banks, purportedly to buy other insurance agencies, but used the money for other purposes. Two men with whom he'd done business pleaded guilty earlier to helping him in the schemes.

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