Former bank president from Altus gets prison for $10M bank fraud

OKLAHOMA CITY — A federal judge has sentenced the former president of an Altus, Oklahoma, bank to four years in federal prison and ordered him to pay $10 million in restitution.

Paul Harold Doughty was sentenced Thursday in Oklahoma City after he was convicted last July of bank fraud, conspiracy and other charges. The 67-year-old Edmond resident must pay the restitution to the Federal Deposit Insurance Corp.

Doughty was convicted along with Fred Don Anderson of Eagle Point, Oregon, on charges arising from the bank fraud scheme. Anderson was sentenced Dec. 2 to 18 months in prison after pleading guilty to bank fraud conspiracy.

The allegations involve loans at First State Bank of Altus, where Doughty was president and chairman. The bank closed in July 2009 due to loan losses.

Source: http://www.tulsaworld.com/news/state/former-bank-president-from-altus-gets-prison-for-bank-fraud/article_024fa82e-2447-5813-9fad-56cba7b5a4be.html