Mark Conner, former president of FirstCity Bank of Stockbridge, Ga., pleaded guilty to conspiring to commit bank fraud and perjury, according to the Justice Department Friday. FirstCity Bank was closed in March 2009.
"Along the way, Conner and others defrauded federal and state regulators and at least ten other federally insured banks in Georgia and Florida that invested in the fraudulent multi-million dollar loans," the Justice Department said in a statement.
Connor took in nearly $7 million from the fraudulent acts and also unsuccessfully tried to get $6 million from the U.S. Treasury's Troubled Asset Relief Program.
He faces up to 12 years in prison and will be sentenced in January.
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