June 15, 2019 03:04 PM
CEDAR RAPIDS, Iowa (AP) - A former eastern Iowa banker has been sentenced to a year in federal prison and ordered to pay $1.2 million for hampering a bank examination.
Federal prosecutors for Iowa said in a news release that 39-year-old Martin Smith, of Center Point, was sentenced Thursday to a year and a day in federal prison. There is no parole in the federal system.
Smith pleaded guilty last year to aiding and abetting the obstruction of the examination of a financial institution. Prosecutors say Smith admitted backdating a refinancing loan to obstruct an investigation by the Federal Deposit Insurance Corporation. Smith's actions ultimately cost the bank more than $1 million.
Smith was a vice president at Center Point Bank & Trust.
(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Created: June 15, 2019 03:04 PM
(Copyright 2019 by The Associated Press. All Rights Reserved.)