Post Falls Banker Sentenced for Bank Fraud
COEUR D'ALENE - Randy Gard Teall, 67, of Post Falls, Idaho, was sentenced today in United States District Court to 12 months and one day in prison followed by five years of supervised release for bank fraud, U.S. Attorney Wendy J. Olson announced. Senior U.S. District Judge Edward J. Lodge will determine the amount of restitution Teall will be ordered to pay. Teall pleaded guilty to the charge on September 15, 2015.
According to the plea agreement, Teall was an officer at Global Credit Union in Coeur d’Alene, Idaho. In this position, Teall was authorized to make and approve loans up to $300,000 without board approval. During Teall’s employment with Global Credit Union, he executed a scheme to procure loans from Global Credit Union by false promises or statements. Specifically, Teall made false statements to Global Credit Union about the creditworthiness of three borrowers and a business. Teall and one of the borrowers were business partners in a real estate endeavor and Teall was the borrower’s landlord. After providing these false statements, Teall approved loans to these individuals which defrauded Global Credit Union. Teall acted with the intent to defraud Global Credit Union when he made and approved these loans. Global Credit Union was a financial institution whose deposits were federally insured by the National Credit Union Share Insurance Fund. Teall was previously convicted of making false statements on a loan application while he was employed by U.S. Bank in 1997.
The case was investigated by Federal Bureau of Investigation.
Today's announcement is part of efforts underway by President Obama's Financial Fraud Enforcement Task Force (FFETF), which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,700 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov.