Former Bank Officer Faces Fraud Allegations

Ronnie Jenkins, a former vice president of Middleburg Bank, is facing allegations of fraud concerning a loan he approved. The Federal Reserve System's board of governors issued an order forbidding Jenkins from working with banks or bank-holding companies due to his "alleged unsafe and unsound practices, breaches of fiduciary duty, and violations of law” in connection with a fraudulent loan he fed to himself. The order alleges that Jenkins knowingly approved a "straw-borrower” loan that had been stated to be for a customer's personal investments but the proceeds of the loan were transferred to Jenkins, who was responsible for repayment of the loan. Posted in: Internal Fraud