Former Bank of Oakland President Pleads Guilty to Bank Fraud
WBBJ 7 Eyewitness News Staff
FAYETTE COUNTY, Tenn.- The former president of the Oakland Deposit Bank in Fayette County pleaded guilty Thursday to a federal charge of bank fraud.
The U.S. Attorney's Office said Stephen Henry, 46, of Memphis, ran the bank, owned by his family in 2007 when he used bank monies to help a local real estate investor cover his delinquent loans.
Prosecutors said the scheme eventually led to a $2.4 million default. Henry could face up to 30 years in federal prison when he is sentenced on April 26.