An Iowa banker pleaded guilty last month to obstructing the examination of his bank by backdating a refinancing loan to block an investigation by the Federal Deposit Insurance Corp. (FDIC), according to the U.S. Department of Justice (DOJ).
The banker faces a possible maximum sentence of five years’ imprisonment, a $250,000 fine, and three years of supervised release following any imprisonment, according to DOJ.
In a release, the DOJ said Martin Smith, 38, from Center Point, Iowa – and a former vice president at Center Point Bank & Trust – admitted in U.S. district court Aug. 27 to backdating the loan. He was convicted of aiding and abetting the obstruction of the examination of a financial institution. He remains free on bond pending sentencing.
The case was investigated by the FDIC Office of Inspector General and the United States Secret Service.