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Former CEO of failed First State Bank of Altus found guilty of bank fraud

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Former CEO of failed First State Bank of Altus found guilty of bank fraud

Former president, CEO and chairman of First State Bank of Altus, , was convicted July 1 on 10charges of bank fraud, conspiracy to commit bank fraud, misapplication of bankfunds, making a false bank entry and unauthorized issuance of a bank loan inconnection with the bank and various loan schemes.

Fred Anderson, Doughty's business associate, pled guilty to onecount of conspiracy to commit bank fraud on April 14. As part of his plea deal,Anderson agreed to testify as a witness for the government at Doughty's trial.In return, the government agreed to dismiss at sentencing the charges againsthim from the indictment.

Anderson might be charged a fine of $250,000 at sentencing,along with up to five years in prison. Meanwhile, Doughty faces a fine of $1million for each of the 10 counts of conviction and up to 30 years in prison.