PENSACOLA, FLORIDA– In a shocking bank fraud scheme, 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 verdict comes after a five-day trial.
Co-conspirator Bruce A. Houle, 57, of Inlet Beach, Florida, pled guilty to conspiracy to commit bank fraud and one count of false statement to a federally insured financial institution. In a separate case, co-conspirator Samuel D. Cobb, 37, of Destin, Florida, pled guilty to conspiracy, four counts of false statement to a financial institution, and bank fraud.
The scheme, which unfolded in 2007, began when an individual went to Atkins, the president of GulfSouth Private Bank, and notified him that the individual’s company, which had been loaned $3.4 million, was no longer going to be able to make payments on the mortgage loans issued by GulfSouth Private Bank that had been secured by three condominiums. In an effort to conceal that the loans were going into default, Atkins devised a scheme to conceal the bad debt.
As a part of the scheme, Atkins and Cobb solicited Houle, Mark W. Shoemaker, Michael Bradley Bowen, and William Blake Cody to take out new loans with the bank to purchase the three condominiums. To persuade Houle, Shoemaker, Bowen, and Cody to engage in the scheme, Atkins and Cobb told these individuals that the loans would be non-recourse, meaning that, if the men defaulted, GulfSouth would have no recourse against them.
Thereafter, 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. According to the terms of the fraudulent loans issued during the scheme, the men Atkins and Cobb solicited were not required to make any payments on the loans until the loans came due months down the road. These new loans were then used to pay off the old loans that were going into default.
The defendants face a maximum of 30 years in prison for each count. The sentencing hearings are scheduled at the United States Courthouse in Pensacola, as follows: Anthony Atkins on May 31, 2017, at 10:30 a.m., Bruce A. Houle on May 31 at 2:00 p.m., and Samuel D. Cobb on May 16 at 10:30 a.m.
This case resulted from 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. ‘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,’ said U.S. Attorney Canova. ‘I commend the hard work of the investigators and prosecutors who
Related Federal Cases
- Anthony J. Atkins, Mortgage Fraud, Florida 2024 · Florida
- Richard Michael Colbert, Bank Fraud, Florida 2024 · Georgia
- John M. Bales, Bank Fraud Conspiracy, Texas, 2023 · South Carolina
- Iris Mira Probkevitz, Immigration Fraud Scheme, South Florida, 2023 · Florida
- David H. Stewart, Wire and Bank Fraud, FL, 2023 · Washington
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News