President of First Fidelity Mortgage, Inc. Pleads Guilty to Bank Fraud

William Everett Nichols, 56, of Alexandria, La., President and sole shareholder of First Fidelity Mortgage, Inc., pleaded guilty to defrauding Sabine State Bank in Many, La. out of $2.9 million, United States Attorney Donald W. Washington announced today. According to court testimony, Sabine State Bank provided a line of credit to First Fidelity Mortgage, monies that were in turn used by First Fidelity to fund mortgages for its customers. This line of credit at Sabine State Bank was secured by the customer notes pledged by First Fidelity. Posted in: Internal Fraud