WALNUT RIDGE, Ark. – Three women conspired to commit bank fraud to the tune of $3.9 million, according to their pleas in May, and this week, they will learn their fate from a federal judge.
Brenda Montgomery, Peggy Sutton and Cindy Tate pleaded guilty to conspiracy to commit bank fraud in connection with a $3.9 million embezzlement scheme involving First National Bank of Lawrence County.
The Jonesboro Sun reports prosecutors said the three took money from the vault of the bank’s main office in Walnut Ridge for almost a decade.
Montgomery will be sentenced Sept. 29. Tate and Sutton will be sentenced Sept. 30.
All three could face up to 30 years in federal prison for the crimes.
Insurance paid $2.7 million to the bank at the end of 2015, putting the bank in the “black” (profitable) by about $1.2 million for the year.