OKLAHOMA CITY – A former bank president in Oklahoma who was indicted by a federal grand jury has been sentenced to prison.
In 2016, John Arnold Shelley was indicted on 23-counts including conspiracy to commit bank fraud, bank fraud, money laundering, making false statements to a bank, misapplication of bank funds, false bank entries, wire fraud, and making false statements to the Federal Deposit Insurance Corporation.
The indictment says Shelley defrauded the bank by issuing loans with unsecured collateral, falsifying financial statements and concealing the bank’s true financial condition.
Officials say Shelley was the president, CEO, chairman of the board and loan officer at the Bank of Union in El Reno from 1997 until he resigned in 2013.
According to court documents, Shelley was sentenced to 48 months in prison.