Former Bank President Pleads Guilty to Bank Fraud and Money Laundering
PENSACOLA, FLORIDA – Michael “Sean” Davis, 43, of Crestview, pled guilty today to conspiracy to commit bank and mail fraud, money laundering, making false statements to a federally insured institution, and fraudulently benefitting from a loan by a federally insured institution. The plea was announced by Pamela C. Marsh, United States Attorney for the Northern District of Florida.
Between January 2006 and January 2011, while the president of Premier Community Bank of the Emerald Coast, Davis devised a scheme to defraud Premier Community Bank, Bank of America, and Beach Community Bank. As a part of the scheme, Davis solicited a straw buyer to submit false documents to purchase real properties via short sales from Bank of America. At Davis’s direction, the straw buyer then sold the properties the same day to third-party buyers. Davis authorized and approved loans from Premier Community Bank to these third-party buyers for the purchase of two of these properties from Davis’s straw buyer. As a result of these loans, Davis received approximately $297,408 through his company, MSD Investments. Through this scheme, Davis discharged approximately $743,425 in debt he owed to Bank of America for mortgage loans issued to Davis personally.
Sentencing is scheduled for May 28, 2015, before Chief United States District Judge M. Casey Rodgers at the United States Courthouse in Pensacola, Florida.
The case was investigated by Internal Revenue Service-Criminal Investigation with assistance from the Federal Deposit Insurance Corporation’s Office of Inspector General, the Okaloosa County Sheriff’s Office as part of the Northwest Florida Financial Crimes Task Force, and the United States Treasury Department’s Special Inspector General for the Troubled Asset Relief Program. This case is being prosecuted by Assistant United States Attorney Tiffany H. Eggers.
The United States Attorney's Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General. The office strives to protect and serve the citizens of the Northern District of Florida through the ethical, vigorous, and impartial enforcement of the laws of the United States, to defend the national security, to improve the safety and quality of life in our communities through the protection of civil rights, and to protect the public funds and financial assets of the United States. To access available public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office, Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.