Former Bank Officer Sentenced for Bank Fraud

TEXARKANA, TX—A 45-year-old Marshall, Texas woman has been sentenced to federal prison for bank fraud in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.

Aimee Lynn Elwood pleaded guilty on Feb. 28, 2011, to bank fraud and was sentenced to 21 months in federal prison today by U.S. District Judge Michael H. Schneider. Elwood was also ordered to pay restitution in the amount of $167,414.20.

According to information presented in court, from July 2008 to April 2010, Elwood abused her position as a Vice-President with Texas National Bank to fraundulently renew a line of credit and obtain loans in her name and the names of others. Specifically, Elwood forged the names of co-borrowers and pledged as collateral vehicles, certificates of deposit and other valuable items belonging to third parties without their consent.

This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force.

President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

This case was investigated by the FBI and prosecuted by Assistant U.S. Attorney Frank Coan.