Fraud Friday – Four Georgia Community Bankers Heading to Prison

June 20, 2014

By Bob Coleman
Editor, Coleman Report

The FDIC price tag for the failure of Savannah First National Bank was $90 million. Now four Georgia community bankers are heading to jail.

Former President & CEO Edward McMath III was sentenced to three and a half years this week, and slapped with a $9.7 million fine.

Stephen Michael Little, the Executive Vice President and CFO received a 20 month sentence and ordered to pay $172,571 in fines and restitution.

The Senior Lending Officer, Robert Wilson Dailey was sentenced to 38 months and ordered to pay $158,518 in restitution.

Jeffrey Allen Farrell, the city president of a Savannah area branch, got 10 months and a $57,771 fine.

Due to his “significant cooperation” with the feds, former Vice President and Chief Credit Officer, Jay Patrick Gardner was sentenced to two years probation and a $14,800 fine.

Real estate developer borrower Richard Guerard is servicing a 52 month prison sentence for his role in the fraud.