Former Arvest Bank official sentenced to eight years in federal prison for bank fraud | Arkansas Blog

Thursday, January 28, 2016

Former Arvest Bank official sentenced to eight years in federal prison for bank fraud

Posted By on Thu, Jan 28, 2016 at 11:44 AM

Arkansas Business reports that H. Dennis Smiley Jr. was sentenced today to 97 months in federal prison. Smiley, the former president of Arvest Bank's Benton County market, pleaded guilty to bank fraud last August. Smiley was also ordered to pay restitution of $4.9 million and two years of supervised release will follow his prison sentence. 

From the AB report

Smiley, 52, pleaded guilty in August to a single count of bank fraud after defrauding 23 Arkansas banks out of $5.3 million through a combination of forged signatures and fraudulent collateral. ...

Smiley amassed millions in debt spread across virtually every bank operating in northwest Arkansas by repeatedly pledging the $500,000 worth of phantom stock contained in his Arvest retirement account, assets that couldn’t legally be pledged at all.

Smiley had suddenly resigned from Arvest a couple of weeks earlier, after a check for payment on one of the many loans bounced, triggering a collapse of his scheme.

Tags: , , , ,


Sign up for the Daily Update email
Favorite

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

More by David Ramsey

  • DHS continues to reimburse Medicaid managed care company co-owned by Preferred Family Healthcare

    The Department of Human Services continues to use a provider-led Medicaid managed care company that is part-owned by Preferred Family Healthcare, despite a recent decision to cut other ties with the Springfield, Mo.-based nonprofit enmeshed in multiple corruption scandals.
    • Jul 13, 2018
  • State yanks PFH funds

    Another former executive with scandal-plagued mental health provider arrested.
    • Jul 5, 2018
  • Robin Raveendran and Person 9 in the Cranford/Preferred Family Healthcare web

    The federal criminal information released as part of former lobbyist Rusty Cranford's June 7 guilty plea on bribery charges describes a Person 9 who worked for the nonprofit healthcare provider Preferred Family Healthcare and was associated with Cranford. The description of Person 9 appears to match Robin Raveendran, the former PFH executive — and former longtime staffer at the state's Department of Human Services — who was arrested Thursday in a separate case, charged in Independence County with two felony counts of Medicaid fraud after an investigation by the state's Medicaid Fraud Control Unit.
    • Jun 29, 2018
  • More »

Readers also liked…

  • Former Arkansas Attorney General Dustin McDaniel applauds Trump's EPA choice of climate change denier Scott Pruitt

    Dustin McDaniel gives the thumbs up to a man set to dismantle EPA regulations.
    • Dec 8, 2016
  • Trump immigration protest at LR: Quick and fierce

    It was not even 24 hours ago that Sophia Said, director of the Interfaith Center; City Director Kathy Webb and others decided to organize a protest today of Donald Trump's executive order that has left people from Muslim countries languishing in airports or unable to come to the US at all — people with visas, green cards,a  post-doc graduate student en route to Harvard, Google employees abroad, families. I got the message today before noon; others didn't find out until it was going on. But however folks found out, they turned out in huge numbers, more than thousand men, women and children, on the grounds of the state Capitol to listen to speakers from all faiths and many countries.
    • Jan 29, 2017
  • Your daily dose of Jason Rapert

    Sen. Jason Rapert really, really didn't like it when a KATV reporter asked him about the hypocrisy of his political arguments.
    • Feb 4, 2017

Most Recent Comments

Slideshows

 

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