Loans – Former Rocky Mountain Bank loan officer sentenced to jail, fined for fraud, cash laundering crimes | USAO-MT
BILLINGS – A former Rocky Mountain Bank loan officer who admitted to approving loans to a bank buyer whereas on the similar time making the most of personal, undisclosed loans to the shopper was sentenced immediately to 1 yr and sooner or later in jail adopted by three years of supervised launch and fined $50,000, Performing U.S. Lawyer Leif Johnson stated.
Stephen Phillip Casher, 47, pleaded responsible on June 24, 2020 to bank fraud and to cash laundering. Casher was charged in a 14-count superseding indictment alleging bank fraud and associated crimes. A jury trial started on June 22, 2020. The prosecution and Casher reached a plea settlement throughout trial.
U.S. District Decide Susan P. Watters presided. Decide Watters allowed Casher to self-report to jail.
The prosecution offered proof that Casher labored as a market president for Rocky Mountain Bank (RMB) from about November 2011 till January 2017. Throughout that point, Casher was one of many folks liable for approving bank loans to Larry price, Jr. or one among price’s associated corporations. Casher, together with a number of personal traders, additionally made massive, personal, excessive curiosity loans to price. Although Casher helped approve many bank loans to price, neither Casher nor price disclosed the personal loans to RMB. Casher by no means knowledgeable RMB that he had a battle of curiosity that may impair his impartiality in reviewing loans involving price.
In September 2014, RMB loaned H&P Investments $3.75 million. price managed H&P investments and acted as an infinite guarantor of the loan. Casher was one of many bank officers who authorized this loan and was liable for accumulating price’s private monetary assertion and offering it to the bank. A number of days earlier than the bank loan, Casher, together with a non-public investor, privately loaned price $900,000. The personal loan was particularly hid and omitted from the non-public monetary assertion that Casher had organized for price to signal on the identical day the personal loan was executed, leading to a false entry in RMB’s books.
In June 2015, RMB loaned Seven Lands Holdings roughly $1.18 million. price managed Seven Lands Holdings and acted as a private guarantor of the loan. price used the loan to purchase 5 homes and switch them into rental properties. In early 2015, a number of personal traders related to Casher loaned price $1.5 million. Casher brokered this deal and ultimately acquired $20,000 as a “thanks” from the personal traders.
Certainly one of properties Seven Lands Holdings was shopping for belonged to Casher and, because of this, he was faraway from RMB’s chain of approval. Nonetheless, Casher supplied lender info on the loan and was concerned in making ready loan paperwork. Neither Casher nor price knowledgeable RMB in regards to the $1.5 million personal loan earlier than the bank loaned Seven Lands Holdings $1.18 million. RMB’s entry misrepresented price’s internet worth and liquidity. Casher personally profited from this RMB loan as a result of he acquired a big portion of loan funds from the sale of his home.
Assistant U.S. Attorneys Colin Rubich, Zeno Baucus and Timothy Tatarka prosecuted the case, which was investigated by the FBI and the IRS.