LOUISVILLE, Ky. – It’s a tale of deceit and financial mischief: Michael Todd Barrick, also known as Kentuckyana Jones, age 56, from Smiths Grove, has pleaded guilty to five counts of bank fraud in the United States District Court in Louisville. According to United States Attorney Russell M. Coleman, Barrick confessed to a scheme that resulted in over $1.4 million in losses.
Barrick’s misdeeds began in 2007 when he orchestrated a fraudulent property purchase agreement with Roger Hagan. Under false pretenses, Hagan secured a loan for a property at 302 Laurel Street, Smiths Grove, which was later foreclosed upon. In 2008, Barrick employed the same tactics to defraud PBI Bank and again in 2011 with Monticello Bank, where he conned Lorri Hughes into buying a non-existent business.
The list of Barrick’s fraudulent activities continued with Garry Hammer, who was a loan officer at Monticello Bank. In 2010, Hammer approved a loan for Som’ Beach Tanning, which was supposedly located at 1700 N. Dixie Highway in Louisville, but was actually a McDonalds restaurant. Another victim was R.R., who purchased Mattress City Wholesale from Barrick under false pretenses.
Barrick’s scheme involved manipulating financial statements to deceive banks and loan officers into approving loans that he knew would default. He pocketed payments for his participation in the transactions, leaving the lenders and other victims with substantial losses. The case highlights the lengths some will go to for personal gain in the guise of business transactions.
Barrick’s codefendants, Hagan, Hughes, and Hammer, all pleaded guilty earlier this year. Now, Barrick faces sentencing for his white-collar crime, which has left a trail of financial devastation in its wake.
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Key Facts
- State: Kentucky
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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