Press Release
FOR IMMEDIATE RELEASE
Date: March 15, 2007
Contact : Sue McKinney
JARRARDS SENTENCED IN FEDERAL COURT
United States Attorney Maxwell Wood, Middle District of Georgia, announced that on March 14, 2007 R. ERIC JARRARD, STEVEN L. JARRARD and NORMAN K. JARRARD were each sentenced by United States District Judge Hugh Lawson in Valdosta, Georgia. All three defendants were convicted by at trial in November 2006.
R. ERIC JARRARD was sentenced to Count One of the Indictment charging Conspiracy to Defraud the Bank of Milan and Colony Bank of Fitzgerald. He was also convicted of Bank Fraud in Counts Two through Seven and Counts Fourteen and Fifteen against the Colony Bank. He was sentenced to 78 months in federal prison and ordered to pay restitution in the amounts of $450,999.00 to the Bank of Milan and $182,701.00 to Colony Bank.
STEVEN L. JARRARD and NORMAN K. JARRARD were both convicted of Count One of the Indictment charging Conspiracy to Defraud the Bank of Milan and Colony Bank of Fitzgerald. They were also convicted of Counts Fourteen and Fifteen against Colony Bank. Both STEVEN L. JARRARD and NORMAN K. JARRARD were each sentenced to 41 months in federal prison and ordered to pay restitution of $450,999.00 to the Bank of Milan and $18,000.00 to Colony Bank.
All three defendants were ordered to serve five years supervised release upon release from federal prison. There is no parole in the federal prison system.
The case was investigated jointly by agents of the Federal Bureau of Investigation and Office of the Inspector General, FDIC . The prosecution was handled by Assistant United States Attorneys Jim Crane and Jason Ferguson. Question concerning this case should be directed to Sue McKinney, Public Affairs Specialist, United States Attorney's Office, at (478) 621-2602.
