Former Officers of Failed Atlanta Bank Plead Guilty to Fraud

Douglas Ballard, 40, pleaded guilty today in federal district court to one count of conspiracy to commit bank fraud and to receive bribes, and to one count of tax evasion; and Joseph Todd Foster, 42, pleaded guilty to securities fraud. Ballard and Foster, both of Atlanta, were senior vice presidents of Integrity Bank, a $1 billion financial institution that failed and was taken over by the Federal Deposit Insurance Corporation (FDIC) in August 2008. Ballard admitted in court to receiving over $200,000 in cash and other corrupt payments from co-defendant Guy Mitchell in exchange for Ballard's assistance in distributing millions of loan draws. Foster, pleaded guilty to charges that he committed securities fraud by way of what is commonly referred to as "insider trading.” Posted in: Internal Fraud