LINDSAY, OK – In a shocking turn of events, Danny Seibel, the former president and CEO of the now-defunct First National Bank of Lindsay (FNBL), pleaded guilty to bank fraud charges yesterday. The 55-year-old Lindsay resident was an executive at the bank from February 2007 until his termination in September 2024.
According to court documents, Seibel caused the bank to issue loans to his personal friends and neighbors, many of whom never repaid the loans. To cover up the losses, Seibel manipulated the bank’s records and falsified reports to make it seem like the loans were performing well. He even used new loans or transfers of the bank’s own funds to cover overdrafts on outstanding loans.
The Office of the Comptroller of the Currency (OCC) took control of the bank in October 2024 after it failed. Seibel’s guilty plea comes with a hefty price tag – up to 30 years in prison and a fine of up to $1 million. A sentencing date has not yet been set, and a federal district court judge will determine the final sentence after considering the U.S. Sentencing Guidelines and other factors.
Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division and U.S. Attorney Robert Troester for the Western District of Oklahoma are leading the investigation. The case highlights the importance of accountability in the financial industry and the consequences of reckless behavior.
Seibel’s actions not only damaged the bank but also put the livelihoods of its employees and customers at risk. The guilty plea is a significant step towards justice, but the full extent of the damage caused by Seibel’s actions remains to be seen.
Source: Department of Justice
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