Louisiana man admits to conspiring with bank president to defraud the bank
A Louisiana businessman has pled guilty to conspiring with the First NBC Bank president to defraud the bank.
NEW ORLEANS, La. (KLFY) - A Louisiana businessman has pled guilty to conspiring with the First NBC Bank president to defraud the bank.
Frank J. Adolph, 63, of Kenner, pled guilty on Dec. 21 to conspiracy to defraud First NBC Bank, the New Orleans-based bank that failed in April 2017, according to the U.S. Attorney's Office Eastern District of Louisiana.
The U.S. Attorney's Office said that from August 2008 to April 2017, Adolph was a businessman and borrower at First NBC Bank, individually and through related entities including Metro Rediscount Company, Motorcycle Acquisition and Investment Company, and Frank Adolph, LLC.
Numerous loan documents show that Adolph made misrepresentations and material omissions in documents that he submitted to First NBC Bank to obtain loans, according to the U.S. Attorney's Office.
The President of First NBC Bank Ashton J. Ryan and the Bank's Chief Credit Officer William J. Burnell were aware of these misrepresentations and material omissions, the U.S. Attorney's Office said.
Rather than writing off Adolph's loans or discouraging Adolph from lying in loan documents, Ryan and Burnell approved and facilitated Adolph's loans.
Ryan and Burnell also made misrepresentations and material omissions of their own regarding Adolph's loans, according to the U.S. Attorney's Office.
The maximum penalties that may be imposed are 30 years in prison, a fine of up to $1,000,000, and up to five years of supervised release.
Adolph's sentencing is set for March 30, 2023.