$11 Million Georgia Bank Fraud Results In Bank Collapse, Loss Of 300 Jobs

(modified 8-17-07)
In Georgia, AccessNorthGa.com reports:

• "Ronald Walton, 58, of Buford, Georgia, was sentenced late Thursday in federal court in Newnan, Georgia, on charges relating to a multi-million dollar bank fraud scheme that resulted in the closure of a Commerce bank called 'nBank'. [...] Joseph E. White, 50, of Atlanta, Georgia; Southern Lenders Mortgage Corporation, formerly located in Newnan, Georgia; Michael Jones, 49, of Alpharetta, Georgia; and Infinity Mortgage, formerly located in Alpharetta, will be sentenced on August 17, 2007 on related charges."

Located in Commerce, Georgia, nBank ceased operations in June of 2007, after being in business for over 103 years. The closure of this financial institution resulted in the loss of approximately 300 jobs in addition to the economic loss. For more, see Buford man sentenced in $11 million fraud of 'nBank'.

For story updates, see:

• New sentences in 'nBank' fraud (8-17-07 - AccessNorthGa.com),
• Bank fraud scheme lands locals in jail (8-17-07 - Atlanta Business Chronicle)