Matthew Daniel Sweet, Bank Fraud & Money Laundering, Arkansas 2013

Little Rock, AR – Matthew Daniel Sweet, 41, of Timbo, Arkansas, was indicted on 30 counts of bank fraud and 30 counts of money laundering, the Grimy Times has learned.

Sweet, former Vice President and Controller at One Bank & Trust, allegedly used his position to steal almost $75,000 to pay his personal credit card bills. The scheme unfolded from January 2009 to October 2011, during which Sweet obtained thirty cashier’s checks from the bank’s clearing account and mailed them to his two personal credit cards to pay off the credit card bills.

According to the indictment, Sweet obtained approximately $74,974.15 through this scheme. When confronted by Onebanc management, Sweet admitted his actions and was allowed to resign. He repaid the stolen amount with two cashier’s checks from another bank.

The maximum sentence for bank fraud is not more than 30 years imprisonment, not more than a $1,000,000 fine and/or not more than five years of supervised release. The maximum sentence for money laundering is not more than 20 years imprisonment, not more than $500,000 fine and/or not more than three years of supervised release.

Sweet made his initial appearance before United States Magistrate Judge Joe Volpe on December 9, 2013. He was released on his own recognizance after his court appearance and was scheduled for trial before United States District Judge J. Leon Holmes on the same date.

The case was investigated by the IRS-Criminal Investigations, SIGTARP, Federal Bureau of Investigation, Federal Reserve, and the FDIC. The case is prosecuted by First Assistant United States Attorney Pat Harris and Assistant United States Attorney Angela Jegley.

Sweet was the former Vice President and Controller (VP&C) of One Bank & Trust N.A. (Onebanc) until February 2012. One Financial Corporation, the parent company of One Bank and Trust of Little Rock, Arkansas, received $17.3 million in federal taxpayer funds through the U.S. Department of the Treasury Troubled Asset Relief Program (TARP). To date, these funds are still outstanding.

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