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11/20/2008

News / ALTUS MAN SENTENCED 41 MONTHS AND MUST PAY OVER $4 MILLION IN RESTITUTION FOR USING FAKE CHURCH BOND TO DEFRAUD WESTERN OKLAHOMA BANKS

Oklahoma City, Oklahoma - RONALD JAMES LADD, 46, of Altus, Oklahoma, was sentenced today by United States District Judge David Russell to serve 41 months in federal prison for defrauding four banks in western Oklahoma by using a fake church "bond."

From 2002 through 2007, Ladd concocted a fake "bond" to list as an asset when he applied for loans from financial institutions. This "bond" was purportedly issued by the Assemblies of God Investment Center and was claimed to be worth between $1.9 and $2.3 million. Ladd used the fake "bond" to fraudulently secure multiple loans from various banks, including Shamrock Bank, Liberty National Bank, Great Plains National Bank, Farm Credit of Western Oklahoma, Stockmans Bank, and First State Bank of Alva. All of these banks maintained offices in Western Oklahoma.

Today, Judge Russell sentenced Ladd to serve 41 months in prison, followed by five years of supervised release, and ordered him to pay $4,078,770 in restitution to the victim banks.

This case was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant U.S. Attorney Jeb Boatman.
http://oklahomacity.fbi.gov/dojpressrel/pressrel08/oc111908.htm

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