The law has caught up with an insurance agent in Arkansas, who was found to have defrauded local banks out of $3.5 million.
Berry Roland Bishop, president at Alliance Insurance Group of Arkadelphia, pleaded guilty to the offense of knowingly defrauding financial institutions in the US District Court in Hot Springs, Arkansas.
Bishop was found to have defrauded the local Bank of Prescott to the tune of $2.1 million using the forged signatures of multiple insurance clients to apply for 27 separate loans in their respective names and without their knowledge or authorization. Bishop also admitted that he defrauded Citizens Bank out of $200,000 by misrepresenting the financial condition of his company, specifically the condition of the collateral, to induce the bank to approve loans to his company that would not have otherwise been authorized.
“Bishop applied for these loans from Citizens Bank and the Bank of Prescott to improve the cash flow of his business,” the US Department of Justice said in a statement. “According to the plea agreement, both the Government and Bishop agree that the total loss amount attributed to Bishop’s criminal conduct will exceed $3.5 million dollars.”
Bishop faces a maximum sentence of up to 30 years in prison and a fine up to $1 million for the bank fraud charge.
