Former Texas bank president sentenced to 8 years for bogus loans and arson to try to cover up fraud

A former president of a Texas bank that issued millions in bogus loans over nearly a decade and set fire to try to cover up the fraud was sentenced to eight years in prison Tuesday, prosecutors said.

Anita Gail Moody, 57, pleaded guilty in June to conspiracy to commit bank fraud and arson.

He was ordered to pay more than $ 11 million in restitution, which is what the now-closed Enloe State Bank that he ran lost, the US Attorney’s Office for the Eastern District of Texas said.

Moody was the president of the bank in Cooper, about 80 miles northeast of Dallas, and the fraud she pleaded guilty to began in 2012.

In May 2019, a day before the Texas Banking Department was scheduled to conduct a review, Moody set fire to the bank’s boardroom and left files on a table, all of which were burned, according to prosecutors.

She had created more than 100 fraudulent loans over the years, prosecutors said in court documents.

She used some of the money for her boyfriend and friends’ businesses, for family and for her own lifestyle, including a Jeep. Other federal investigators said that some of the loans were made to pay the interest and principal of the others, so that nothing appeared to be wrong.

Moody “has experienced great remorse for these events and takes full responsibility for its actions,” Moody’s attorney John C. Ginn said in an email Tuesday night.

“She is ready to serve her sentence and will amend as circumstances allow in the future,” he said.

Ginn argued in court documents that Moody worked for the bank his entire adult life and described a spiraling life out of control, adding that he first lent the money out of sympathy, but in 2012 he began using the loans for her.

“Criminal conduct that affects the financial health of a small local lender can have a negative ripple effect on the entire community,” Acting US Attorney Nicholas J. Ganjei said in a statement.

The bank was closed by the Texas Department of Banking in 2019. It had been licensed in 1928. At the time, the department said it was forced to do so “due to insider trading and fraud by former officers.”

A former bank vice president, Jeannie Swaim, pleaded guilty last year to a single count and was sentenced to two years in prison and ordered to pay more than $ 410,000 in restitution, according to the U.S. attorney’s office and court records. .

The Federal Deposit Insurance Corporation, which insures the deposits, was appointed as trustee after the bank failed. The loss to the agency’s deposit insurance fund was about $ 21 million, according to an inspector general report.

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