JAMES E. BISHOP, Falsifying Bank Documents, Washington 2013
A former Skagit County bank CEO was sentenced to three years in prison for falsifying regulatory documents related to his bank's financial health.
JAMES E. BISHOP, 70, of Mount Vernon, Washington, was sentenced to three years in prison and two years of supervised release on December 6, 2013 in U.S. District Court in Seattle.
BISHOP, the former Chairman and CEO of Summit Bank, pleaded guilty on August 21, 2013 to making a false entry in a report of an insured bank.
The bank was ultimately closed by state regulators and sold in May 2011.
JAMES E. BISHOP and his son, James E. Bishop II, who served as president of the bank, concealed from regulators the mounting number of loans that were in default between 2009 and 2011.
According to the statement of facts in the plea agreement, the bank was required to file various reports with the Federal Deposit Insurance Corporation (FDIC) disclosing the loans the bank had made and the status of the loans.
BISHOP will also pay $300,000 to the FDIC as part of a civil enforcement agreement.
Key Facts
- State: Washington
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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