Pelion Man Sentenced to Federal Prison for Loan Fraud
Columbia, South Carolina ---- United States Attorney Sherri A. Lydon announced today that Richard Earl Jeffcoat, age 52, of Pelion, was sentenced to six months in federal prison and six months of home confinement after pleading guilty to Conspiring to Commit Bank Fraud. Senior United States District Court Judge Terry L. Wooten of Columbia imposed the sentence and ordered Jeffcoat to pay over $45,000 in restitution to the victim, Arthur State Bank.
Facts presented in court established that Jeffcoat is an accountant who was producing false documentation in support of loan applications and giving that information to an Arthur State Bank loan officer. The officer than facilitated approvals for mortgages and other loans using the fake documents. Some of the loans were for Jeffcoat’s family members.
Jeffcoat was involved in a total of six loans valued at $529,000. Several are still current. The value of the loss-to-date is approximately $45,000.
The United States Secret Service investigated the case. Assistant United States Attorney Winston D. Holliday, Jr., of the Columbia office prosecuted the case.