Thursday, January 18, 2001

Kentuckian admits to bank fraud

The Associated Press

        A Georgetown, Ky., man faces up to seven years in prison after pleading guilty Tuesday to defrauding a Grundy, Va., bank of more than $400,000.

        Shannon Reece Justice pleaded guilty in U.S. District Court in Abingdon, Va., to one count of conspiracy to commit bank fraud and two counts of corruptly giving gifts to procure bank loans, all felonies.

        Mr. Justice also could face a $450,000 fine, said Assistant U.S. Attorney Rick Mountcastle.

        Mr. Justice, 29, will be sentenced on the charges April 27.

        In pleading guilty, Mr. Justice admitted to participating in a scheme in which he, his now-deceased grandfather, Virgil Justice, who was chairman of the board of directors of Grundy National Bank, and a former loan officer there defrauded the bank for at least $403,000.


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