Lewis pleads guilty to bank fraud scheme | Arkansas Blog

Wednesday, August 3, 2011

Lewis pleads guilty to bank fraud scheme

Posted By on Wed, Aug 3, 2011 at 4:25 PM

Kevin Lewis, a former Little Rock attorney, pleaded guilty today to $47,000,000 bank fraud scheme. Lewis was a licensed attorney in Arkansas until 2010. According to the release from the U.S. Attorney's Office for the Eastern District of Arkansas:

Lewis admitted that between December 31, 2008, and September 29, 2010, First Southern Bank, a federally insured financial institution located in Batesville, Arkansas purchased special improvement district bonds, totaling approximately $23 million from Kevin Lewis. Prior to the purchase of each bond, Lewis would provide the bank with offering documents describing the details of bonds. At the plea hearing, Lewis acknowledged that these bonds were fraudulent.

In addition to the fraudulent bonds provided to First Southern Bank, a bank that was forced into FDIC receivership upon learning of the status of the bonds, the following financial institutions provided loans to Kevin Lewis which were collateralized, in whole or in part, by fraudulent bonds: Centennial Bank, Citizens State Bank, Liberty Bank, First Community, Allied, Simmons, and Regions Bank. The following banks currently hold fraudulent bonds which were originally sold by Kevin Lewis: Centennial Bank and Bank of Augusta. The intended loss amount in this case is approximately $47,000,000.

The penalty for bank fraud is up to 30 years in prison and a $1 million fine. Lewis's sentencing date will be set by the court at a later date.

Tags: , ,

From the ArkTimes store

Favorite

Comments (3)

Showing 1-3 of 3

Add a comment

 
Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Gerard Matthews

Readers also liked…

Most Shared

  • A mayor stands up against freeway widening. No. Not in Little Rock.

    Another booming city, Indianapolis, fights ever wider urban freeways. Meanwhile, back in Little Rock .....
  • In the margins

    A rediscovered violin concerto brings an oft-forgotten composer into the limelight.
  • Donald Trump is historically unpopular — and not necessarily where you think

    My colleagues John Ray and Jesse Bacon and I estimate, in the first analysis of its kind for the 2018 election season, that the president's waning popularity isn't limited to coastal cities and states. The erosion of his electoral coalition has spread to The Natural State, extending far beyond the college towns and urban centers that voted for Hillary Clinton in 2016. From El Dorado to Sherwood, Fayetteville to Hot Springs, the president's approval rating is waning.
  • Arkansans join House vote to gut Americans with Disabilities Act

    Despite fierce protests from disabled people, the U.S. House voted today, mostly on party lines, to make it harder to sue businesses for violating the Americans with Disabilities Act. Of course Arkansas congressmen were on the wrong side.

Most Recent Comments

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation