In a brazen case of financial deception, Jordan Andrew Hennessy, a 38-year-old commercial relationship manager for First Interstate Bank in Billings, Montana, has pleaded guilty to bank fraud charges.
According to Acting U.S. Attorney Mark Steger Smith, Hennessy used a falsified bank loan to receive $50,000, an amount that could have far-reaching consequences for the defendant.
The incident began on March 11, 2022, when Hennessy submitted a commercial loan application for $100,000 under the name of his father’s business, Stillwater Group, LLC. In the application, Hennessy stated Stillwater Group would use the funds to develop real estate projects in Montana.
He then opened a checking account, naming his father as a joint owner, on March 14, 2022. As a First Interstate employee, Hennessy was responsible for negotiating the counteroffer to his own loan request, which resulted in a $50,000 line of credit being issued to Stillwater Group.
Once the $50,000 line of credit was funded, Hennessy transferred the Stillwater Group funds from the joint account he created with his father’s name into his personal checking account. He then used the funds to finance several transactions with an internet-based investment company and eventually defaulted on the $50,000 line of credit.
Assistant U.S. Attorney Colin Rubich is prosecuting the case. The Federal Deposit Insurance Corporation Office of Inspector General and the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau conducted the investigation.
The government alleged in court documents that Hennessy, while employed by First Interstate Bank, falsified a loan application and awarded himself $50,000.
U.S. Magistrate Judge Timothy J. Cavan presided over the proceedings, and sentencing was set for a later date. U.S. District Judge Susan P. Watters will determine a sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Hennessy faces up to 30 years in prison, a $1 million fine, five years of supervised release, and a $100 special assessment.
Hennessy was released pending further proceedings. The gravity of the charges against him is clear, and the outcome of this case will undoubtedly have significant implications for the defendant and the financial institution involved.
Key Facts
- State: Montana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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