Former Executive Vice President Sentenced to Serve 15 Months in Federal Prison in Connection with the Failure Of Freedom State Bank
Oklahoma City, Oklahoma – MARK A. NIXON, 62, from Freedom, Oklahoma, former Executive Vice President of The Freedom State Bank in Freedom, Oklahoma, was sentenced yesterday by United States District Judge Stephen P. Friot for his involvement in the Bank’s failure on June 27, 2014, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma.
On December 15, 2014, Nixon pled guilty and admitted to preparing and submitting a Consolidated Report of Condition and Income to the FDIC which falsely stated that The Freedom State Bank possessed $21,950,000.00 in assets, when he in fact knew that the true amount was substantially less.
In the sentencing hearing yesterday, Nixon was ordered to serve 15 months in prison, followed by one year of supervised release, and was ordered to pay $1,557,808.89 in restitution to the FDIC. He was ordered to report to the Bureau of Prisons on May 14, 2015, to begin serving his sentence.
This case is the result of an investigation by the FDIC Office of Inspector General. It was prosecuted by Assistant U.S. Attorney Julia E. Barry.