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Ex-Bank President Convicted of Bank Fraud
PENSACOLA, FLORIDA – In a shocking turn of events, Anthony J. Atkins, 51, of Eufaula, Alabama, was convicted of conspiracy to commit bank fraud, four counts of false statements to a federally insured financial institution, bank fraud, and mail fraud affecting a financial institution.
The conviction came after a five-day trial, which concluded on Friday, March 10. Atkins faces a maximum of 30 years in prison for each count. His sentencing hearing is scheduled for May 31, 2017, at 10:30 a.m. at the United States Courthouse in Pensacola.
According to the indictment, Atkins was the president of GulfSouth Private Bank in 2007 when he devised a scheme to conceal bad debt. He and co-conspirator Samuel D. Cobb, 37, of Destin, Florida, solicited others to take out new loans with the bank to purchase condominiums that were already in default.
As a part of the scheme, Atkins and Cobb caused new mortgage loans and additional lines of credit to be issued for approximately $3.8 million to the men they had solicited. These new loans were then used to pay off the old loans that were going into default, creating the appearance that the debt was ‘performing.’
The scheme ultimately resulted in a loss of $3.4 million to the bank. GulfSouth received $7,500,000 in Troubled Asset Relief Program (TARP) funds from the United States Treasury in September 2009, which was used to cover the losses.
This case was the result of a joint investigation by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG). Assistant United States Attorney Tiffany H. Eggers prosecuted the case.
U.S. Attorney Christopher P. Canova commended the hard work of the investigators and prosecutors who worked on the case, saying, ‘This bank fraud case is a reminder that my office will vigorously prosecute those who do not conduct ethical transactions, especially financial representatives who abuse their positions of trust.’
Co-conspirators Bruce A. Houle, 57, of Inlet Beach, Florida, and Samuel D. Cobb, 37, of Destin, Florida, have already pled guilty to various charges related to the scheme. Houle pled guilty to conspiracy to commit bank fraud and one count of false statement to a federally insured financial institution, while Cobb pled guilty to conspiracy, four counts of false statement to a financial institution, and bank fraud.
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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