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Former Mortgage Loan Officer Sentenced to 3 Years in Prison for Defrauding Bank

March 19, 2007

Springfield, Ill. – Rodger A. Heaton, United States Attorney for the Central District of Illinois, announced that Joy L. Lloyd, age 51, of New Berlin, Illinois, was sentenced today to a term of 36 months in federal prison for defrauding the Bank of Springfield of more than $400,000. U.S. District Judge Jeanne E. Scott further ordered Lloyd to pay restitution to the bank in the amount of $488,338. Lloyd was ordered to report to the federal Bureau of Prisons on May 21, 2007, to begin serving her sentence.

Lloyd had pled guilty on May 2, 2006, to a one-count information charging her with defrauding the Bank of Springfield from 1995 through August 2005, while she was employed as a mortgage lender. Lloyd used the embezzled funds to pay legitimate “bad loans” she had approved at the bank and for her own use and benefit, including her relatives.

The case was investigated by the Federal Bureau of Investigation and was prosecuted by Gregory M. Gilmore, Assistant U.S. Attorney, of the Springfield division.

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