Ex-President of Missouri Bank Sentenced for Fraud

4 years 6 months 2 weeks ago Tuesday, April 01 2014 Apr 1, 2014 Tuesday, April 01, 2014 3:15:19 PM CDT April 01, 2014 in News
By: The Associated Press

SPRINGFIELD (AP) - A former president of a southwest Missouri bank is going to prison for defrauding the institution of $413,000 in less than one year.

The U.S. Attorney's office says 35-year-old Matthew Spillman, of Nixa, was sentenced Tuesday to two years and six months in federal prison without parole. He was also ordered to pay restitution of $180,000 to the Bank of Billings and $234,000 to its insurer.

Spillman pleaded guilty last October to bank fraud and money laundering.

Prosecutors said he used a variety of methods to take the funds between May 2011 and April 2012, when he was suspended. Among them were embezzling loan payments made by customers, and adding to customers' loan debts and credit lines and converting the funds to his own use.

 

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