Sioux Falls Man Indicted on Charges of Bank Fraud and False Bank Entries
Assistant United States Attorney
US Attorney Brendan V. Johnson announced that a Sioux Falls man has been indicted by a federal grand jury for Bank Fraud and False Bank Entries.
Michael Edwin Smith, age 35, was indicted by a federal grand jury on April 6, 2011, for Bank Fraud and False Bank Entries. He appeared before US Magistrate Judge John E. Simko on Friday, April 15, 2011, and pled not guilty to the indictment. The maximum penalty upon conviction is 30 years of imprisonment and five years of supervised release on each count. The charges are merely accusations, and Smith is presumed innocent until and unless proven guilty.
The investigation is being conducted by the Federal Bureau of Investigation. Assistant US Attorney Kevin Koliner is prosecuting the case. Smith was released on bond pending trial. A trial date has not yet been set.