Fraud Friday – Former Manager of CorTrust Bank Sentenced to 21 Months in Prison for Loan Fraud

July 1, 2022

Delaney Sexton
Contributing Editor

Fraud Friday – Former Manager of CorTrust Bank Sentenced to 21 Months in Prison for Loan Fraud

After initially pleading not guilty to two counts of bank fraud in August 2021, the former Vice President of CorTrust’s Leola branch admitted to one count of bank fraud in December 2021. On Monday afternoon, Gabe Outtrim was sentenced to pay $144,000 in restitution and serve five years of supervised release in addition to his prison sentence.

Utilizing his position in the bank, Outtrim authorized two improper nominee loans between the time period of 2015 to 2019. The loans were made to a bank customer who was also a friend of Outtrim according to court testimony.

Eventually, the victim received a notice that they needed to meet with CorTrust Bank regarding the two suspicious loans under his name. He also stated in his testimony that Outtrim visited his friend’s home and admitted to taking out loans for personal use under his friend’s name. Outtrim requested that his friend not inform the bank because of the possibility of prison time.

His victim and friend lied to the bank and signed the notes to protect Outtrim according to his testimony. Later, the friend notified the bank of what truly happened and agreed to cooperate with the FBI during the investigation. A phone call between Outtrim and his friend was taped, during which the friend asked Outtrim if he recalled the conversation they shared during his previous home visit.

Arguing for a lighter sentence, Gabe’s defense attorney claimed that Gabe was experiencing marital issues while his wife was deployed and he accumulated debt. The attorney even asked the Judge to allow Gabe to work through the busy season at the resort he owns before starting his prison sentence. The Judge decided Gabe can continue his work but must report to prison by October 4, 2022.

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