Former Altus bank president charged with bank fraud - KSWO 7News | Breaking News, Weather and Sports

Former Altus bank president charged with bank fraud

OKLAHOMA CITY, Okla._A former Altus bank president and business partner have been indicted by a grand jury for bank fraud.

Paul Doughty, the former president of First State Bank of Altus, and Fred Anderson, a man who partnered with Doughty in several business headquartered in Altus, have been charged with bank fraud, conspiracy to commit bank fraud, false statements to banks, misapplications of bank funds in connection with First State Bank of Altus and various loan schemes. The bank was closed in July 2009 by state banking regulators due to the bank's losses.

The charges against Doughty and Anderson relate to three alleged loan schemes: a series of FSB loans to finance a real estate development company in Colorado; a series of “senior life settlement loans” from FSB to support an Altus aerospace company; an unauthorized $2 million loan from FSB to a company controlled by Doughty and Anderson.

According to the indictment, Doughty and Anderson recruited buyers for 19 real estate lots in Colorado for around $700,000 each. Doughty allegedly approved 14 loans to buyers, totaling more than $10 million in loan proceeds to Mountain Adventure Property Investments. MAPI was a company Anderson had indirect ownership of and served as the president and manager.

Doughty's arraignment is set for Friday and Anderson's on June 10. Doughty's attorney, Robert Wyatt, did not immediately return a telephone call seeking comment. Court records do not indicate whether Anderson has an attorney.

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