FLASH: Four of Five banc-serv Defendants Sentenced to Nearly 17 Years Collectively

December 17, 2021

Delaney Sexton
Contributing Editor

FLASH: Four of Five banc-serv Defendants Sentenced to Nearly 17 Years Collectively

KERRI AGEE Mugshot, Hamilton County, Indiana – 2017-09-03 18:18:00 BWI-BAC .08% or Higher

“Conspiring to defraud any SBA program is a blatant attempt to selfishly rob the nation’s diverse small businesses community from supports that assist them to grow and build our strong economy,” says Special Agent in Charge of the SBA Office of Inspector General’s Central Region. “OIG remains committed to rooting out bad actors and protecting the integrity of SBA programs every day.”

Kerri Agee was sentenced to 68 months (5 years and 8 months) in prison and $2,289,681 in restitution to the Small Business Administration.

Kelly Isley was sentenced to 57 months (4 years and 9 months) in prison and $2,289,681 in restitution to the SBA.

This week, Chad Griffin was sentenced to 28 months (2 years and 4 months) in prison and $685,022 in restitution to the SBA.

Matthew Smith was sentenced to 46 months (3 years and 10 months) in prison along with $1,651,450 in restitution to the SBA.

Nicole Smith, former employee of banc-serv, is the final defendant who has not been sentenced. Her sentencing is scheduled for January 7, 2022.

Source:
DOJ Press Release

Read our previous reporting:

Uh Oh, FBI Raids Banc-serv Campus, Locks Doors — October 13, 2017

Banc-Serv Retains Brent Ciurlino, Appoints Karen McHugh EVP — October 19, 2017

Newtek Forecasts Zero Earnings from banc-serv — November 3, 2017

Kerri Agee out of banc-serv — April 13, 2018

Banc-Serv’s Kerri Agee, 4 Others Arrested for $10 Million SBA Loan Fraud — March 22, 2019

“They Got Us” CEO of banc-serv Indicted for $10 Million Loan Fraud Scheme” — August 23, 2019

Fraud Friday – “Working Capital” Fits better than “Past Due Payroll Taxes” — August 30, 2019

“They Got Us” Swapping Business Owners — September 6, 2019

Fraud Friday – banc-serv Second Loan Case Study – September 13, 2019

SBA C-Suite Tips Wednesday – Learn from Small Business Loan Fraud – October 9, 2019