North Texas man faces up to 30 years for $8.6M loan fraud
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July 19, 2018
SHERMAN, Texas (AP) — Prosecutors say a former loan officer in North Texas has pleaded guilty in an $8.6 million scheme involving fake documents and fictitious borrowers.
Michael Shelley of Sherman pleaded guilty Wednesday to bank fraud. The 38-year-old Shelley faces up to 30 years in prison when sentenced at a future date.
Court records show Shelley from May 2016 to mid-2017 worked for Lone Star Agricultural Credit Association in Sherman. Authorities say Shelley created fraudulent loans, without the credit union's knowledge or authorization, at negative and below-market interest rates and ter...
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