LITTLE ROCK, Ark. (AP) — The U.S. Attorney for the Eastern District of Arkansas has announced the indictment of a former Arkansas insurance company executive on bank fraud, money laundering and other charges.
Federal prosecutor Christopher Thyer said Wednesday that 55-year-old Steven Alan Standridge of Mt. Ida was indicted on 12 counts. The charges include conspiring to commit bank fraud, aiding and abetting bank fraud, bank fraud, money laundering, and making a false statement to a financial institution.
A spokeswoman for Thyer did not know if Standridge had an attorney.
Thyer says Standridge allegedly conspired with two other men to obtain premium finance loans — then kept the money from the loans.
Premium finance loans are loans used to pay for life insurance policies.
The two co-defendants have each pleaded guilty in the case.
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