Fraud Friday – Former Bank Executive Sentenced to 8 Years & Costs the Bank $13 Million

September 2, 2022

Delaney Sexton
Contributing Editor

Fraud Friday – Former Bank Executive Sentenced to 8 Years & Costs the Bank $13 Million

“Today’s sentencing demonstrates that our office has and will continue to aggressively pursue and prosecute fraud against financial institutions,” says Executive Assistant U.S. Attorney Kristy Callahan. “This type of fraud damages the economy and eventually the consumer.  Along with our partners in law enforcement, this office will hold accountable those who commit fraud, divest them of criminal proceeds, and use federal remedies to recover victim losses.”

Ronald Wayne Schroeder was the president of a Bank of San Antonio subsidiary. He factored, the selling of accounts receivable to a third party, false invoices with Southwest Bank and Bank of San Antonio for the companies his four co-defendants owned and a fictitious company he created. From the money gained, they would pay off old invoices owed to other financial institutions or use the money for their personal benefit.

The funds that Schroeder obtained from the fraud were used to purchase cars, RVs, an airplane, a boat, a beach house, landscaping, and the construction of a $100,000 pool. Two of his co-defendants used the proceeds for legal fees in a pending criminal federal case, and some of the money would be kicked back to Schroeder for his help in the scheme.

Schroeder must pay more than $8.9 million in restitution for his part in a scheme that defrauded multiple financial institutions in San Antonio, Texas. The court also ordered him to pay a $2.9 million money judgment for the proceeds from his crimes. Two of his fellow conspirators must pay almost $4 million in restitution each, two were sentenced to time served, and one was sentenced to 48 days. A fourth co-conspirator is still waiting for his sentencing.

Schroeder told the sentencing judge that he was “embarrassed” to stand before him and stated, “It’s not who I am. It’s not how I was raised.”

DOJ Press Release
MySA Article

Read our previous reporting:
Fraud Friday – President of a Bank Subsidiary and Four Others Enter Plea Deals for $13.2 Million Fraud – November 5, 2021