Ronald James Ladd, 46, of Altus, Oklahoma, was sentenced yesterday to 41 months in federal prison and ordered to pay some $4 million in restitution for his conviction on bank fraud charges. According to the criminal complaint, Ladd created a fake bond issued by the Assemblies of God Investment Center, which is listed as an asset and convinced several banks to lend him funds. The defrauded banks, all operating in Oklahoma, include: Shamrock Bank; Liberty National Bank; Great Plains National Bank; Farm Credit of Western Oklahoma; Stockmans Bank; and First State Bank of Alva. Ladd and his wife, Patricia Marianne Ladd, filed for bankruptcy last April.
Read the story here and here.
Read the FBI press release here.
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