Former Shelbyville Bank Vice President Sentenced for Misappropriating Funds
LEXINGTON — A former vice-president of a Shelbyville bank has been sentenced to 12 months in prison, with an additional six months of home-incarceration, for misappropriating hundreds of thousands of dollars of bank funds.
On Tuesday, U.S. District Judge Gregory F. Van Tatenhove sentenced Roy T. Edwards to his prison term and also ordered him to pay $308,482 in restitution.
According to court documents, from March 2005 through November 2006, Edwards fraudulently authorized hundreds of thousands of dollars in loans to applicants who were not qualified based on their credit histories and the bank suffered financial losses based on the loans. More specifically, Edwards knowingly approved loan applications that contained false information regarding applicants’ income, employment, and assets.
Kerry B. Harvey, U.S. Attorney for the Eastern District of Kentucky, and Patrick T. Collins, Federal Deposit Insurance Corporation (FDIC), Office of Inspector General, jointly announced the sentence.
The investigation was conducted by the FDIC. Assistant U.S. Attorney Andrew Sparks prosecuted the case on behalf of the federal government.