OXFORD, Miss. – William C. Martin, United States Attorney for the Northern District of Mississippi, Thomas McDade, Special Agent in Charge, Federal Deposit Insurance Corporation, Office of Inspector General, Dallas Field Office, Martin Phanco, Inspector in Charge, United States Postal Inspection Service, Atlanta Division, and Special Agent in Charge James C. Lee, Internal Revenue Service Criminal Investigation, New Orleans Field Office, announced that:

James Clifton Green, Jr., 57, of Belden, former President and controlling stockholder of Peoploungers, Inc., was sentenced today before United States Chief District Judge Michael P. Mills, in Oxford, Mississippi, following his plea in April to a three-count Information, charging him with bank fraud, mail fraud and money laundering. Judge Mills ordered Green to pay restitution in the amount of $6,150,000, and sentenced him to 51 months in prison for each count, with the sentences to run concurrently . Green was also sentenced to serve a term of five years supervised release.

In April, Green admitted to misrepresenting his financial position to a number of banks in the North Mississippi area by overvaluing his assets and under-reporting his liabilities for the purposes of obtaining loans.

“Bank fraud and money laundering create harm to our financial institutions and our economy, but today's sentencing is a strong reminder how serious our courts consider this criminal activity,” said James C. Lee, Special Agent in Charge, IRS-Criminal Investigation, New Orleans Field office. “Those who line their pockets with profits from illegal schemes should know they will not go undetected and will be held accountable.”

“The Federal Deposit Insurance Corporation Office of Inspector General is pleased to have partnered with our law enforcement colleagues in bringing about today’s sentencing,” said Jon T. Rymer, Inspector General. “Those who seek to undermine the integrity of the financial services industry and whose actions cause losses to FDIC-insured institutions need to be held fully accountable. We commend the AUSA’s efforts in bringing Mr. Green to justice.”

This case was investigated by the United States Postal Inspection Service in the Memphis, Tennessee office, IRS Criminal Investigation, in the Oxford, Mississippi office, and the Federal Deposit Insurance Corporation - Office of Inspector General, in the Dallas, Texas office and is being prosecuted by Assistant United States Attorney Paul D. Roberts.

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