OKLAHOMA CITY (Free Press) — Oklahoma Metropolis banker Ronald J. McCord, 70, has pleaded responsible in federal court docket to defrauding two native banks, Fannie Mae, and different banks by way of a wide-ranging set of schemes involving hundreds of thousands of {dollars}.
The responsible plea on 5 counts got here Could 10 within the Western District of Oklahoma the place a grand jury had returned a 24-count indictment in opposition to McCord June 3, 2023.
Sentencing is scheduled for August 9 the place he may obtain as much as 30 years in jail and a high-quality of as much as $1 million on every on every rely of financial institution fraud and false statements to a monetary establishment in keeping with the U.S. Lawyer’s workplace.
Nevertheless, the settlement in change for the responsible plea is that the federal government will ask for much less jail time and restitution. The court docket might not agree with what the U.S. Lawyer’s workplace is asking and hand down a harder sentence.
Based on the usAttorney’s workplace, the plea settlement was that “the federal government would to not advocate at sentencing for a sentence above 104 months. Below the plea settlement, McCord might be ordered to pay restitution to the victims of his conduct in quantities to be decided by the court docket on the time of sentencing. McCord should additionally forfeit proceeds of the fraudulent schemes and property concerned within the offenses. Additional, as a part of the plea settlement, the federal government will dismiss at sentencing the remaining counts of the Indictment.”
In a ready assertion, the U.S. Lawyer’s workplace stated that McCord admitted to defrauding Spirit Financial institution (“Spirit”) and Residents State Financial institution (“Residents”)—two state-chartered monetary establishments—in addition to their respective residential mortgage subsidiaries, American Southwest Mortgage Company (“Mortgage Corp.”) and American Southwest Mortgage Funding Company (“Funding Corp.”).
The assertion stated that an impartial audit found that McCord had offered greater than $14,100,000.00 in Spirit/Mortgage Corp. and Residents/Funding Corp. loans “out of belief” by failing to repay Spirit/Mortgage Corp. when sure Spirit/Mortgage Corp.-initiated loans had been refinanced or in any other case paid off. On the time of this discovery, FMC carried excellent balances of about $200,000,000.00 and $140,000,000.00 on the Spirit/Mortgage Corp. and Residents/Funding Corp. traces of credit score, respectively.
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Final Up to date Could 17, 2023, 7:33 AM by Brett Dickerson – Editor
