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Justice News

Department of Justice
U.S. Attorney’s Office
District of Kansas

FOR IMMEDIATE RELEASE
Tuesday, November 20, 2018

Johnson County Man Sentenced, Banned from Banking

KANSAS CITY, KAN. – A former banker who lives in Johnson County was sentenced today to 3 years probation and banned from working as a banker, U.S. Attorney Stephen McAllister said.

Michael W. Yancey, 59, Olathe, Kan., pleaded guilty to one count of conspiracy to make false statements on a loan application. In his plea, he admitted the crime took place while he was working as a senior vice president and commercial lender at Farmers Bank & Trust, N.A., in Overland Park. Farmers Bank is headquartered in Great Bend, Kan.

Yancey conspired with another person to obtain and maintain a business loan of $850,000 from Farmers Bank for two companies by falsely representing the terms of a real estate purchase in Basehor, Kan. He falsely represented to the bank that the property’s purchase price was $1.1 million when in fact it was $850,000. The false information made it appear the loan conformed to a maximum 75 percent loan-to-value ratio when in truth the loan was approximately 97 percent of the purchase price. He also falsely stated that the loan involved a seller carryback of $150,000 and a borrower equity injection of $125,000.

McAllister commended SIG-TARP (Office of Inspector General for the Troubled Asset Relief Program), the FBI, the U.S. Department of Labor - Office of the Inspector General, the U.S. Department of Labor - Employee Benefits Security Administration and Assistant U.S. Attorney Jabari Wamble for their work on the case.

Topic(s): 
Financial Fraud
Component(s): 
Updated November 20, 2018