The FBI unsealed an indictment in June 2015 charging a former Altus bank president and his Altus business partner with bank fraud. The U.S. Attorney’s office released the information in January charging Paul Harold Doughty and Fed Don Anderson with bank fraud, conspiracy to commit bank fraud, false statements to banks, and misapplication of bank funds in connection with First State Bank of Altus (“FSB”) and various loan schemes.
The trial for Doughty and Anderson was set to start on March 21 in Oklahoma City, but at the request of their defense attorneys it has been postponed until June 14. At that time a jury will be selected, according to Bob Troester, executive assistant U.S. attorney in Oklahoma City.
Doughty was the former president and chairman of First State Bank. Anderson partnered with Doughty in several businesses headquartered in Altus. In July 2009, state banking regulators closed FSB due to the bank’s loan losses, and the Federal Deposit Insurance Corporation was appointed as the bank’s receiver.
The counts against Doughty and Anderson charge fraud related to three alleged loan schemes: (1) a series of FSB loans to finance a real estate development in Routt County, Colorado; (2) a series of “senior life settlement loans” from FSB to support an Altus aerospace company; and (3) a $2 million unauthorized loan from FSB to a company under Doughty and Anderson’s control.
For each of the 15 counts in the indictment, the charged defendants face up to thirty years in prison and a fine of $1,000,000. Under federal law, each defendant would be required to pay restitution to victims. Furthermore, the indictment seeks forfeiture from each defendant in the amount of the proceeds of the fraudulent schemes and in the amount of the property involved in the offenses.
According to the U.S. Attorney’s Office, Western District of Oklahoma, these charges are the result of an investigation conducted by the Federal Bureau of Investigation and the Federal Deposit Insurance Corporation—Office of Inspector General. The case is being prosecuted by Assistant U.S. Attorneys Chris M. Stephens and K. McKenzie Anderson.
Both men are currently free on their own recognizance. Doughty is being defended by Oklahoma City attorney Robert Wyatt. Anderson is being defended by Paul Lacy with the federal public defenders office in Oklahoma City. Both men were required to give up their passports and to inform the courts about any changes in their residences or telephones.