Former Bank Employee Sentenced for Creating More than 58 Fictitious Loans

Allison Tussey —  June 16, 2014 — Leave a comment

Sondra Tredaway, 65, Mission, Texas, a former bank officer with Texas State Bank has been ordered to federal prison for defrauding her former employer to the tune of approximately $2.4 million. The defendant used her position as branch manager to create more than 58 fictitious loans and used the proceeds for her own benefit.

The defendant was the former manager of the Texas State Bank branch, McAllen, Texas. She pleaded guilty to one count of bank fraud on June 7, 2011.

Chief U.S. District Judge Ricardo H. Hinojosa handed Tredaway a sentence of 41 months in federal prison and further ordered she pay restitution to Texas State Bank in the amount of $4,496,455.83. The prison term will be immediately followed by a two-year-term of supervised release.

According to the Indictment and court documents, Tredaway defrauded Texas State Bank, using her position as branch manager to defraud the bank of approximately $2.4 million. She used the names and personal information belonging to several individuals, without their permission, to create more than 58 fictitious loans beginning in 1998 through 2010. Tredaway further admitted she used the loan proceeds for her own benefit. The fraud was discovered when BBVA Compass Bank purchased Texas State Bank and began reviewing their loan records.

After handing down the sentence, Judge Hinojosa permitted Tredway to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.

United States Attorney Kenneth Magidson announced the sentence.

The investigation leading to the charges was conducted by the FBI. Assistant United States Attorney Robert Wells, Jr. prosecuted the case.

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Allison Tussey

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