(Oklahoma City) — A former Spirit Bank loan officer who lives in Perkins has been sentenced to serve 15 months in a federal prison for embezzling bank funds between 2004 and 2007 while he was working at the Stillwater branch, authorities said.
Larry Don Collins was ordered by U.S. District Judge Stephen Friot in Oklahoma City on May 22 to report to the Bureau of Prisons at noon on July 22, First Assistant U.S. Attorney Robert Troester said.
Collins also was ordered to pay $95,225 restitution and a $10,000 fine, as well as perform 104 hours of community service, Troester said. On his release from prison, Collins will be on supervised release for five years, Troester said.
Collins embezzled bank funds between June 14, 2004, and Feb. 27, 2007, by making fraudulent loans to six individuals and using the proceeds for himself, U.S. Attorney John C. Richter for the Western District of Oklahoma charged. Collins, then 44, entered a guilty plea on Sept. 8, 2008, Troester said.
Collins was employed by Spirit Bank as a loan officer from June 26, 2000, to March 26, 2007, according to Joyce Madewell, executive vice-president for marketing at the bank’s main office in Tulsa.
Collins worked at the bank’s Cushing branch until 2004 when the Stillwater branch was opened, she said.
Collins could have been given as much as a 30-year prison term and a $1,000,000 fine, followed by five years of supervised release, authorities said.
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