Former Bank President Sentenced for Bank Fraud

U.S. District Judge R. David Proctor today sentenced the former president of First National Bank of Shelby County to six months in prison on two counts of bank fraud and one count of obstructing a bank examination, announced U.S. Attorney Joyce White Vance. A federal jury convicted HELEN HARRISON PHILLIPS, 67, on July 31, after a four-day trial. The government had presented evidence that in October 2000, Phillips used her housekeeper to obtain a $45,000 loan, the proceeds of which Phillips used for her own purposes, which included paying $32,518 to the Internal Revenue Service. The loan was renewed and the scheme continued until the loan was repaid in April 2005. Phillips obstructed the Office of the Comptroller of the Currency's April 2005 examination of the bank by concealing her involvement with the housekeeper's loan. Posted in: Internal Fraud