Monday, January 20, 2014
BRUNSWICK, Ga. (AP) -- Four former First National Bank executives have pleaded guilty to using manipulated loans to defraud the bank out of millions of dollars.
The failed loans cost the bank more than $90 million and the bank failed in late June of 2010. Prosecutors have said bank's executives either resigned or were terminated as the scheme began to unravel.
The Savannah Morning News reports 44-year-old Jeffrey Allen Farrell, 53-year-old Isaac Mulling, 65-year-old Stephen Michael Little and 51-year-old Robert Wilson Dailey all appeared in federal court last week and pleaded guilty.
Each man is free on bond and a sentencing date hasn't been set.
(Copyright 2014, The Associated Press)