Lubbock businessman, Robert "Bobby" Hobgood, faces up to five years in prison following a bank fraud investigation that spans four years. This comes just one week after Kim Morris pleaded guilty to the same charge.
Court documents show the two men created a phony corporation to finance a loan from the former First National Bank of Lubbock.
The money was reportedly used to finance the Pioneer Hotel in downtown Lubbock. Ownership of that property has since changed hands and is undergoing renovation.
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