Four Lubbock Men Indicted On Bank Fraud Charges - KCBD NewsChannel 11 Lubbock

10/21/04

Four Lubbock Men Indicted On Bank Fraud Charges

Four Lubbock men are scheduled to stand trial November 15th charged with conspiracy to commit bank fraud.

Stockbroker and former LISD Board member Montie Hassie, former First State Bank President Tom Darden and businessmen Frank and Rick Thompson were indicted on 38 counts on Wednesday.

The defendants are accused of conspiring to defraud First State Bank and State National Bank of approximately $2.5 million from October 1999 through April 2001. The indictment alleges the group misled the bank by submitting false records showing stock they were using as loan collateral was protected. The indictment also states the group then obtained margin loans on that stock to buy more stock.

If convicted, they each face a maximum statutory sentence of over 700 years in prison and over $20 million in fines.

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