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.
Read more here: Former Savannah First National Bank president sentenced to three and a half years in federal prison
Read more here: Two more First National Bank officials sentenced to federal prison