Wednesday, July 2, 2014
Mount Ida man gets 60-month plea deal in fraud scheme
By Max Brantley
on Wed, Jul 2, 2014 at 4:32 PM
, 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.
The U.S. attorney's office has announced that