LITTLE ROCK—Christopher R. Thyer, United
States Attorney for the Eastern District of Arkansas; Randall C. Coleman,
Special Agent in Charge of the Little Rock Field Office of the Federal Bureau
of Investigation; and Christopher A. Henry, Special Agent in Charge of the
Nashville Field Office of the Internal Revenue Service-Criminal Investigation
announced today the indictment of Steven Alan Standridge, age 55, of Mt. Ida,
Arkansas. The 12-count Indictment, which was returned today by the grand jury,
charges Standridge with one count of conspiring to commit bank fraud, four
counts of aiding and abetting bank fraud, one count of bank fraud, five counts
of money laundering, and one count of making a false statement to a financial
institution.
“The United States Attorney’s Office
would like to thank not only the FBI and IRS-CI for their diligent work on this
investigation but also the Arkansas Insurance Department-Criminal Investigation
Division for their invaluable assistance throughout the investigation,” stated
Thyer. “The type of fraud alleged in the indictment impacts not only the
financial institutions involved but society as a whole, and partnership between
federal and state agencies helps combat these offenses.”
Coleman added, “This was a complex
investigation centered around repeated misrepresentations to multiple lenders.
The FBI will continue to work with our state and local partners to stop those
whose activities threaten the solvency of our financial institutions.”
“IRS-Criminal Investigation is committed
to aggressively investigating those associated with these types of financially
motivated crimes that wreak economic havoc on the American citizen and our
communities. Working cooperatively with our fellow law enforcement and
prosecutorial partners, we will strive to make those responsible accountable
for their actions,” stated Henry.
This indictment follows the waivers of
indictment and pleas of guilty to an information by Danny Wood of Idabel,
Oklahoma, and Gregory A. Hunt of Russellville, Arkansas. On March 2, 2012, Wood
pled guilty to aiding and abetting bank fraud. On July 6, 2012, he was
sentenced to 30 months’ imprisonment. On June 6, 2012, Hunt pled guilty to
aiding and abetting bank fraud. His sentencing date is not yet scheduled.
Throughout the time period set forth in
the indictment, Standridge owned, operated, and/or managed various independent
insurance agencies in the state of Arkansas. Through those companies,
Standridge provided various types of insurance policies and bonds to his
customers including Danny Wood and Gregory A. Hunt.
The indictment alleges that Standridge
conspired with Wood and Hunt to commit bank fraud. The indictment states that
as part of the conspiracy, Standridge arranged for Wood, Hunt, and their
companies to obtain premium finance loans. Standridge would either purchase the
insurance policies that were collateral for those loans and then later cancel
the policies or would never purchase the policies that were listed on the
premium finance agreements. The proceeds of those loans were ultimately paid to
Standridge and were used for purposes other than those set forth in the loan
agreements. Some of the transactions involving the loan proceeds are charged as
money laundering offenses in the indictment.
The statutory penalty for the bank fraud
and false statement to a financial institution offenses is not more than 30
years’ imprisonment and a fine of up to $1,000,000. The statutory penalty for
the money laundering offenses is not more than 10 years’ imprisonment and a
fine up to $250,000.
The investigation was conducted by the
Federal Bureau of Investigation and the Internal Revenue Service-Criminal
Investigation with the assistance of the Arkansas Insurance Department-Criminal
Investigation Division. It is being prosecuted by Assistant United States
Attorney Karen Whatley.
An indictment contains only allegations.
The defendant is presumed innocent unless and until proven guilty.
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