Former Tulsa Businessman Sentenced in $2.7 Million Fraud Scheme
|U.S. Attorney’s Office May 15, 2014|
TULSA, OK—A former Tulsa businessman was sentenced today in Federal court to 27 months in prison for having defrauded ONB Bank of more than $200,000, announced Danny C. Williams, Sr., United States Attorney for the Northern District of Oklahoma.
Tommy Craig Conaway, 59, now of Blackwell, pleaded guilty to bank fraud, admitting that in February 2004 he misrepresented the value of collateral that his company, CCR Investments LLC, pledged to ONB Bank in order to draw upon its line of credit at the bank.
In imposing the sentence, U.S. District Court Chief Judge Gregory K. Frizzell considered other occasions in which Conaway defrauded ONB Bank by misrepresenting collateral available to secure his company’s line of credit. In addition, the court considered Conaway’s conduct in defrauding the Bank of Oklahoma on lines of credit extended to other businesses managed by Conaway, causing a loss of nearly $2.5 million to BOK.
The court ordered Conaway to pay restitution to both banks in a total amount of over $2.7 million. In addition to his prison term, Conaway was ordered to forfeit $290,962.
The case investigated by the Federal Bureau of Investigation and prosecuted by Assistant United States Attorneys Kevin C. Leitch, Jeffrey A. Gallant and Catherine Depew.