Sources say that the merger talks between the two banks began after Larry Barnette Hill, 58, of Meadville, Mississippi, pled guilty on April 15, 2013 in U.S. District Court to bank fraud and money laundering. U.S. Attorney Gregory K. Davis and FBI Special Agent in Charge Daniel McMullen made the Hill public announcement.
Hill concealed his fraudulent activities by creating false general ledger tickets which appeared to be for bank expenses in order to disguise his fraudulent activities within the budget of the bank. He also falsely inflated the bank’s budget each month in order to disguise additional money he was embezzling. The total amount of loss in this case is still being calculated, but is estimated to be from $600,000 to over $1 million.
Mr. Hill was sentenced in federal court July 16, 2013 to 78 months in federal prison, followed by five years of supervised release for money laundering and bank fraud. Hill was also ordered to pay $1,243,703 in restitution to People’s Bank of the South.
Source: FCNews Staff/ Public Records / FBI Memo-announcement
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