Former bank president convicted of fraud

Former bank president convicted of fraud

ALTUS, OK (KSWO)- The former president of the First State Bank of Altus was convicted of bank fraud.

Paul Doughty, 67, was indicted last year by a federal grand jury, accusing him and a partner of engineering three loan schemes totaling more than 20-million dollars.  A jury convicted him Friday on ten separate counts after hearing seven days of testimony, and spending about seven hours in deliberation.

Doughty faces up to 30 years in prison, and a fine of one-million dollars for each of the ten counts.