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Press Release

Former Bank Ceo Sentenced For Money Laundering And Bank Fraud

For Immediate Release
U.S. Attorney's Office, Southern District of Mississippi

Jackson, Miss. -- Larry Barnette Hill, 58, of Meadville, Mississippi, was sentenced in federal court today to 78 months in federal prison followed by five years of supervised release for money laundering and bank fraud, announced U.S. Attorney Gregory K. Davis and FBI Special Agent in Charge Daniel McMullen. Hill was also ordered to pay $1,243,703 in restitution to People’s Bank of the South.

From 2004 through 2012, while serving as CEO of People’s Bank of the South in Bude, Mississippi, Hill fraudulently withdrew money from the bank’s Payroll Clearing Account and deposited those funds into the bank accounts of his family members and into a “shell” bank account he created for his own use. He also used the bank’s credit card to pay personal expenses without the bank’s authorization and he used third-party checks issued in the name of People’s Bank for his own personal benefit including making payments on a personal loan at another bank.

Hill concealed his fraudulent activities by creating false general ledger tickets at the bank which appeared to be for bank expenses and inflating the bank’s budget each month in order to cover up his embezzlement.
This case was investigated by the Federal Bureau of Investigation and the Federal Deposit Insurance Corporation’s Office of Inspector General. It was prosecuted by Assistant U.S. Attorney Mike Hurst.


If you believe you have been a victim of fraud from a person or an organization soliciting relief funds on behalf of storm victims, contact the National Center for Disaster Fraud toll free at:

(866) 720-5721

You can also fax information to:

(225) 334-4707

or e-mail it to:

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Updated January 7, 2015