Home Dallas Press Releases 2013 Hardin County Lawyer Sentenced for Bank Fraud

Hardin County Lawyer Sentenced for Bank Fraud

U.S. Attorney’s Office March 19, 2013
  • Eastern District of Texas (409) 839-2538

BEAUMONT, TX-A 40-year-old Silsbee, Texas lawyer has been sentenced to federal prison for bank fraud in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.

Matthew Taylor Morones pleaded guilty on September 6, 2012, to bank fraud and was sentenced to 24 months in federal prison today by U.S. District Judge Ron Clark.

According to information presented in court, on December 21, 2005, Morones was appointed as the receiver for the Indian Paintbrush Development (IPD). At that time, the organization had approximately $365,000 in its bank accounts, held at two different financial institutions. From May to July 2007, Morones used the money from IPD’s account to purchase six certificates of deposit (CDs) from Guaranty Bank totaling $365,000. On July 30, 2007, Morones obtained a $90,000 loan from Guaranty Bank, which was used to purchase a home. Morones used one of the CDs purchased with IPD’s money as collateral to obtain the loan. Morones was indicted by a federal grand jury on March 21, 2012.

Morones has already paid back over $200,000.00. He was ordered today to pay the remaining restitution in the amount of $165,000.00.

This case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Christopher T. Tortorice.

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