A former executive at Timberland Bank in El Dorado has been sentenced to more than five years in prison after pleading guilty to two counts of bank fraud, reports the Associated Press.
U.S. Attorney Conner Eldridge says 48-year-old Mark Turner was sentenced Monday to 63 months in prison and ordered to pay more than $1.1 million in restitution. Turner, who was executive vice president and senior lending officer at Timberland Bank, pleaded guilty in August to two counts of bank fraud.
According to prosecutors, Turner created two companies and then authorized loans and lines of credit to them totaling $1.3 million without disclosing his ownership as required by banking regulations and bank policies. Prosecutors say Turner then personally converted some of the money to his own use.