News Release
Michael J. Moore, United States Attorney for the Middle District of Georgia, announced that Larry Malone, age 59, from Bainbridge, Georgia, was sentenced on December 16, 2014, to serve 48 months imprisonment and pay restitution in the amount of $ 25,540,896 to the Southwest Georgia Farm Credit and its insurers. The sentences were handed down by the Honorable W. Louis Sands, Senior United States District Judge, in Albany, Georgia.
Mr. Malone was charged by both the United States Attorney for the Middle District of Georgia and the United States Attorney for Northern District of Florida with conspiracy to commit bank fraud and with accepting bribes and kickbacks. Both cases were consolidated in the Middle District of Georgia and heard by Judge Sands. Mr. Malone entered a guilty plea to the charges on September 22, 2011.
Malone was employed as Chief Lending Officer with Southwest Georgia Farm Credit for over 20 years, and was the Chief Lending Officer at the time of the offenses. From approximately 2001 to 2008, Mr. Malone made fraudulent loans to a variety of borrowers in both the Middle District of Georgia and the Northern District of Florida in the total amount of $25,540,896. Malone received a total of approximately $900,000.00 in bribes and kickbacks from these borrowers.
“After the financial crisis we experienced, no one can legitimately question the importance of pursuing people like Mr. Malone, who commit bank fraud,” said United States Attorney Michael J. Moore.
The case was investigated by the Federal Bureau of Investigation and the United States Secret Service. Assistant United States Attorney Jim Crane, for the Middle District of Georgia, prosecuted the case.
Inquiries regarding the case should be directed to Pamela Lightsey at the United States Attorney’s Office (478/621-2603).
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