OKLAHOMA CITY (AP) — The former president and CEO of a shuttered Oklahoma bank has been sentenced to four years in a federal prison and ordered to pay more than $137 million in restitution for making false statements.
Federal prosecutors say 68-year-old John Arnold Shelley of Oklahoma City was sentenced on Friday after pleading guilty to making a false statement to the Federal Deposit Insurance Corporation.
Shelley was named in a 23-count federal indictment following the failure of the Bank of Union of El Reno, which state banking regulators closed in January 2014 due to its losses. He pleaded guilty to falsely claiming that the bank had total equity capital of more than $36 million when he knew it was significantly less.
Shelley's attorney, Dan Webber, didn't immediately return a telephone call seeking comment.
