patrick.net

http://dsnews.com/tarp-bank-executive-indicted-bank-fraud-conspiracy/

A former executive for a Troubled Asset Relief Program (TARP) bank has been indicted in a bank fraud conspiracy. The announcement came from the Office of the Special Inspector General for TARP (SIGTARP), which commented that Gary Alan Rickenbach of Little Rock, Arkansas has been indicted on one count of conspiracy to commit bank fraud.

Rickenbach was also charged with misapplication of bank funds, making false entries to deceive the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), obstructing an OCC examination, and money laundering.

The indictment charges that Rickenbach, while SVP of Onebanc, conspired to make false loans for the purpose of hiding the bank's loss on a $1.5 million bad loan made in April 2007. Rickenbach and others hid the loss from federal examiners by making loans to entities he either created or controlled.