Tuesday, December 9, 2008
Former Arkansas Bank Exec Pleads Guilty To $2.1 Million Misappropriation
Brent D. Geels, 42, the former Senior Vice President of Twin City Bank of North Little Rock, Arkansas, pleaded guilty Monday to one count of bank fraud and one count of money laundering in the misappropriation of some $1.2 million from the bank. Geels faces up to 40 years in prison, plus a fine of some $4.5 million and restitution. According to the criminal information, Geels, "Transferred almost $1.24 million from customers' accounts to his own account; Transferred more than $172,000 from customers' accounts to the account of another customer; and Improperly transferred more than $705,000 from customer accounts, recording the transfers as interest paid by the bank to other customers or as fees and expenses paid to the bank by other customers." Twin City Bank is owned by HomeBankshares Inc. of Conway, Arkansas.