Former Bank Employee Sentenced to Federal
Prison for Bank Fraud
|U.S. Attorney’s Office June 12, 2014|
MCALLEN, TX—A former bank officer with Texas State Bank has been ordered to federal prison for defrauding her former employer, announced United States Attorney Kenneth Magidson. Sondra Tredaway, 65, of Mission, was the former manager of the Texas State Bank branch located in McAllen. She pleaded guilty to one count of bank fraud on June 7, 2011.
Today, Chief U.S. District Judge Ricardo H. Hinojosa handed Tredaway a sentence of 41 months in federal prison and further ordered she pay restitution to Texas State Bank in the amount of $4,496,455.83. The prison term will be immediately followed by a two-year-term of supervised release.
Tredaway had admitted she defrauded Texas State Bank, using her position as branch manager to defraud the bank of approximately $2.4 million. She used the names and personal information belonging to several individuals, without their permission, to create more than 58 fictitious loans beginning in 1998 through 2010. Tredaway further admitted she used the loan proceeds for her own benefit. The fraud was discovered when BBVA Compass Bank purchased Texas State Bank and began reviewing their loan records.
After handing down the sentence today, Judge Hinojosa permitted Tredway to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.
The investigation leading to the charges was conducted by the FBI. Assistant United States Attorney Robert Wells, Jr. prosecuted the case.