Rogers Attorney Charged with Conspiracy to Commit Bank Fraud with Former Northwest Arkansas Real Estate Developer
|U.S. Attorney’s Office June 06, 2013|
FORT SMITH, AR—Conner Eldridge, United States Attorney for the Western District of Arkansas, announced that David Fisher, 38, of Rogers, Arkansas, was indicted yesterday by a federal grand jury for his role in a conspiracy to commit bank fraud involving Brandon Barber, Brandon Rains, and Jeff Whorton, who were previously indicted on January 16, 2013. The indictment today replaces the January indictment, adding Fisher to the conspiracy charge and retaining counts of money laundering against Rains and Whorton.
As alleged in the indictment, Barber, Rains, Whorton, and Fisher made false and fraudulent representations to First Federal Bank in order to obtain loans in excess of the actual value of properties that the loans were obtained to purchase. Multi-party, multi-property real estate transactions were then structured so that excess funds from those loans could be divided between Barber, Rains, and Whorton. Fisher furthered the conspiracy by preparing an agreement between the defendants that detailed how excess funds obtained from the fraudulent scheme would be divided and making false representations to First Federal Bank.
If convicted, Fisher faces a maximum of 30 years in prison and a $1 million fine.
This case was investigated by the Internal Revenue Service Criminal Investigation Division and the Federal Bureau of Investigation. United States Attorney Conner Eldridge, First Assistant United States Attorney Wendy Johnson, and United States Attorneys Glen Hines and Benjamin Wulff are prosecuting the case for the United States.
The charges in an indictment are only allegations. A person is presumed innocent unless or until he or she is proven guilty beyond a reasonable doubt in court.