Bainbridge man sentenced to pay $25 million in bank fraud case
ALBANY, GA (WALB) - A Bainbridge man will spend two years in prison and pay more than $25 million in restitution for bank fraud according to his federal court sentence.
Larry Malone, 59, was sentenced in Albany federal court on Tuesday. He pleaded guilty to conspiracy to commit bank fraud and accepting bribes and kickbacks.
Prosecutors said Malone was the Chief Lending Officer with Southwest Georgia Farm Credit at the time of the offenses.
According to an investigation, Malone made fraudulent loans from 2001 to 2008 to a variety of borrowers in Georgia and Florida totalling $25,540,896. He also received approximately $900,000 in bribes and kickbacks from those borrowers.
Copyright 2014 WALB. All rights reserved.