PINE BLUFF MAN SENTENCED IN WIRE FRAUD AND MONEY LAUNDERING SCHEME
Little Rock- Christopher R. Thyer, United States Attorney for the Eastern District of Arkansas, announced that Glenn A. Railsback III, age 69, of Pine Bluff, was sentenced today by U.S. District Judge James M. Moody to serve 84 months in prison, followed by 3 years of supervised release. Judge Moody also ordered Railsback to pay $2.9 million in restitution.
Railsback was indicted on thirteen counts of wire fraud and twelve counts of money laundering in March of this year. According to the superseding indictment, Railsback defrauded the beneficiaries of a trust for which he prepared tax returns.
The trust was originally funded by shares of stock in Standard Oil Company, which later became Exxon Mobil Corporation. Railsback came into possession of the shares of stock and opened an account with SalomonSmithBarney. Railsback then wrote checks out of the account payable to himself and checks which were deposited into bank accounts under his control.
Railsback pled guilty to one count of wire fraud and one count of money laundering on November 19, 2010.
Railsback was ordered to report June 13, 2011 to begin serving his sentence.
This investigation was conducted by the U.S. Secret Service and the IRS-Criminal Investigation. Assistant U.S. Attorneys Jana K. Harris and Angela Jegley prosecuted the case for the United States.
