DALLAS (CN) – The former president of LaCoste National Bank pleaded guilty to making a false entry in the bank’s books and records to deceive regulators. Jodi P. Gwyn faces a sentence of 3 to 5 years in federal prison and restitution of $8 million.
Gwyn entered his plea Wednesday before U.S. Magistrate Judge Pamela Mathy in San Antonio.
Gwyn admitted that in September 2008 he intentionally made a false entry in the bank’s general ledger in order to deceive bank examiners, according to federal prosecutors. Gwyn’s false entry noted a $2.5 million loan to particular individuals when the loan had been made to a different bank customer.
LaCoste National Bank was shut down February this year by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation was named its receiver. At the time, it was the 20th bank failure of the year.
Gwyn will be sentenced on Jan. 27, 2011, by U.S. District Judge Orlando Garcia. The U.S. attorney in San Antonio said in a statement that Gwyn can expect to be sentenced to 3 to 5 years, plus more than $8 million in restitution.