Former Charleston, MO bank president sentenced to prison for fra - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Former Charleston, MO bank president sentenced to prison for fraud

(Source: KFVS) (Source: KFVS)
CHARLESTON, MO (KFVS) -

A former Charleston, Missouri bank president  will spend more than 4 years in prison after being convicted on a felony charge of Bank Fraud.

He pleaded guilty to the charge in August.

Brian Cox admitted that in March 2015 a customer of Focus Bank contacted him about a business loan for $85,000.

He said he prepared the loan application, but stated that the loan was to purchase a truck and trailer.

The money was deposited into the company's account, and Cox admitted he withdrew the money for his own benefit.

Then, in August 2014, Cox reached out to another bank customer and asked the customer to borrow $85,000 from the bank and in turn give that money back to Cox.

He admitted he prepared the documents as if the money was for farm equipment, approved it himself, and gave the check to the customer.

That customer took the check to a teller and requested the payment of $85,000 in cash, according to court documents. That customer then met Cox at a location Cox suggested and exchanged the money.

Throughout the investigation, authorities learned that three other victims agreed to similar deals.

The Department of Justice reports Cox received a total of $335,000 from misapplied loans.

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