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Bank execs face fraud, bribery charges

May 7, 2010 at 6:07 PM   |   Comments

ATLANTA, May 7 (UPI) -- Two former executives of a Georgia bank and a Florida businessman have been indicted on federal charges including bank fraud and conspiracy, court records show.

Douglas Ballard, 40, and Joseph Todd Foster, 42, former executives of Integrity Bank, and Coral Gables, Fla., real estate developer Guy Mitchell, 50, are also charged with bribery and insider trading, The Atlanta Journal-Constitution reported Friday.

Integrity Bank opened in 2000 but was closed down in 2008 by the Federal Deposit Insurance Corp. and state regulators, the newspaper said.

U.S. Attorney Sally Yates said the executives demonstrated anything but integrity.

"After passing out $80 million to the developer … both officers dumped their Integrity stock before the failed loans came to light," she said. "While the developer was living the good life … and the bank's senior loan officer was making huge commissions and taking payoffs from the developer, the bank was dying a slow death."

The defendants were expected to make their first court appearance since the April 14 indictment Friday afternoon, the Journal-Constitution reported.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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