⏱ 2 min read
Jordan Andrew Hennessy, a 38-year-old commercial relationship manager at First Interstate Bank in Billings, Montana, pleaded guilty to bank fraud after falsifying a loan application to secure $50,000. The incident occurred on March 11, 2022, when Hennessy submitted a commercial loan application under his father’s business name, Stillwater Group, LLC, claiming the funds would be used for real estate development in Montana. Instead, he used his position to negotiate a $50,000 line of credit and transferred the funds into his personal account.
Hennessy’s scheme involved creating a joint checking account with his father’s name and using it to receive the loan funds. He then invested the money with an internet-based investment company and eventually defaulted on the loan. The Federal Deposit Insurance Corporation Office of Inspector General investigated the case, which is being prosecuted by Assistant U.S. Attorney Colin Rubich.
Hennessy faces up to 30 years in prison, a $1 million fine, five years of supervised release, and a $100 special assessment. U.S. Magistrate Judge Timothy J. Cavan presided over the plea hearing, and sentencing will be determined by U.S. District Judge Susan P. Watters at a later date. Hennessy was released pending further proceedings.
The case highlights the risks of insider fraud in the banking industry, where employees with access to sensitive information and systems can exploit their positions for personal gain. The guilty plea and upcoming sentencing serve as a reminder of the consequences of such actions and the importance of effective oversight and regulation in preventing financial crimes.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Montana
- Location: MT
- Source: DOJ Press Release
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