Former New Frontier loan officer charged with fraud
Bell entered his guilty pleas during a brief appearance in U.S. District Court in Denver on Wednesday after prosecutors alleged he made false bank entries, misapplied funds, committed bank fraud and engaged in money laundering.
The charges cover actions committed by Bell in the four years leading up to New Frontier's failure in 2009. In 2010, Bell and several other of the bank's officials, including Larry Seastrom, Robert Brunner, Timothy Thissen, John Kammeier and Jack Renfroe, were banned from banking.
The Federal Insurance Deposit Corp. ordered a criminal investigation into all of the officials, but Bell is the only one who is known to have been charged thus far.
Bell's next court date has not yet been set.
The first count against him alleges that in October 2005, Bell submitted false information on a $5.58 million loan to two borrowers.
Bell "failed to disclose that a certificate of deposit, the value of which was $106,759, pledged as
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- Its work done, FDIC packs up, heads out of town 10/8/10
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- Investors sue New Frontier directors 1/15/10
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