Hobgood Sentenced For Bank Scandal - KCBD NewsChannel 11 Lubbock

10/5/07

Hobgood Sentenced For Bank Scandal

On the same day, his fellow co-conspirators were to report to prison, Robert "Bobby" Hobgood was sentenced.

It's the latest in a bank fraud investigation that started more than four years ago. Friday, Judge Sam Cummings sentenced Hobgood to thirty months in prison for conspiracy to commit bank fraud. He must also pay $200,000 in restitution.

Friday's sentence came as Kim Morris reported to prison in Big Spring. He checked in just after 10 a.m. Friday. He will serve eighteen months for conspiracy to commit money laundering. 

Court documents show the two men created a sham corporation to finance a loan. 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. 

Walter Charles Cleveland was also expected to report to the same Big Spring prison Friday. He will serve six months for concealing a felony in connection with the bank scandal.

8/31/07
First National Bank Loan Scandal Leads to Prison Time for Two Men
Two of the men involved in the First National Bank illegal loan scandal are going to prison. 

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