OKLAHOMA – A former Tulsa Businessman was sentenced 27 months in prison for having defrauded ONB Bank out of more than $200,000.
59-year-old Tommy Conaway, of Blackwell, pleaded guilty to bank fraud, admitting that in February 2004 he misrepresented the value of collateral that his company, CCR Investments, pledged to ONB Bank in order to draw upon its line of credit at the bank.
In imposing the sentence, U.S. District Court Chief Judge Gregory K. Frizzell considered other occasions in which Conaway defrauded ONB Bank by misrepresenting collateral available to secure his company’s line of credit. In addition, the court considered Conaway’s conduct in defrauding the Bank of Oklahoma on lines of credit extended to other businesses managed by Conaway, causing a loss of nearly $2.5 million to BOK.
The court ordered Conaway to pay restitution to both banks in a total amount of over $2.7 million. In addition to his prison term, Conaway was ordered to forfeit $290, 962.