Jury acquits two in bank fraud case | Arkansas Blog

Monday, October 31, 2016

Jury acquits two in bank fraud case

Posted By on Mon, Oct 31, 2016 at 4:12 PM

A federal court jury this afternoon acquitted two former employees of One Bank of charges related to concealing a bad loan of $1.5 million from regulators and some bank board members, according to the Arkansas Democrat-Gazette.

It was the 15th day of the trial of Michael Frances Heald and Bradley Stephen Paul. The jury got the case at 5:43 p.m. Friday, but recessed shortly after to return to deliberations this morning at 8:30 a.m. The jury returned verdicts clearing the men of all charges about 2:45 p.m.

Four men were indicted initially. One other executive pleaded guilty and is awaiting sentencing. A charge against another was dropped.  The loan went to a Canadian living in Florida who had an automotive technology company. He misrepresented his net worth and made no payments on the loan. He is serving a prison term. Arkansas Business explained the tangled case here.

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