A former One Bank & Trust NA senior executive vice president, Gary Rickenbach, received a reduced sentence of two years of probation and 100 hours of community service in connection with a fraudulent loan, Arkansas Business reported Dec. 7.
Rickenbach was indicted in April 2014 for conspiring with other persons to make false loans to hide the Little Rock, Ark.-based bank's loss on a $1.5 million bad loan made in April 2007. He faced a possible sentence of not more than five years' imprisonment, not more than a $250,000 fine, and/or not more than three years of supervised release for the conspiracy charge.
But after pleading guilty to failing to report a crime, technically known as misprision of a felony, Rickenbach was sentenced to probation and community service instead, according to the report.
Rickenbach was the only One Bank & Trust executive convicted in connection with the charges. Former COO Michael Heald and former Executive Vice President Bradley Paul were acquitted in October. Charges against former CFO Tom Whitehead were dropped after he testified in court for the prosecution.
While no charges were filed against Layton Stuart, the bank's former owner who died in March 2013, his estates and trusts are facing Troubled Asset Relief Program-related charges.
The fraudulent loan was made by Albert Solaroli, who was sent to prison for a year and a day after pleading guilty to a reduced charge of money laundering, Arkansas Business noted.
One Bank & Trust is a unit of OneFinancial Corp.