LITTLE ROCK, Ark. (KTHV) - The former owner of an insurance agency is indicted for bank fraud and money laundering.
According to authorities, the announcement of Steven Alan Standridge's indictment was made Wednesday.
Authorities say that the 55-year-old Mt. Ida man has been charged by the Grand Jury with one count of conspiring to commit bank fraud, four counts of aiding and abetting bank fraud, one count of bank fraud, five counts of money laundering, and one count of making a false statement to a financial institution.
According to our partners at Arkansas Business, Standridge was once one of the top independent insurance agents in the country.
According to the U.S. Justice Department, the statutory penalty for the bank fraud and false statement is no more than 30 years in prison and a fine of up to $1,000,000. Furthermore, the statutory penalty for the money laundering offenses is no more than 10 years in prison and a fine of up to $250,000.
Source: U.S. Department of Justice