Posted: Saturday, October 26th 2013 at 10:03am
Former Ga bank executive pleads guilty in fraud
By The Associated Press
SAVANNAH, Ga. (AP) -- A former executive pleaded guilty in a fraud scheme that contributed to the failure of a Georgia bank three years ago.
Authorities say 63-year-old Jay Patrick Gardner entered the plea in federal court in Savannah on Friday.
Gardner was a vice president of the First National Bank of Savannah, which regulators shut down in June 2010.
The Savannah Morning News ( http://bit.ly/1bp468z ) reports that Gardner admitted his involvement in a $74,000 loan which federal prosecutors say was part of a scheme to cover financial problems for a real estate developer.
Gardner is one of seven former First National officers named in a 35-count indictment. He has agreed to cooperate with prosecutors.
The six remaining defendants are set for trial Dec. 4. Each has pleaded not guilty.
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