From staff reports OKLAHOMA CITY – A Blanchard man recently admitted conspiring in a bank fraud to finance construction of his home.
According to public records, Jerry Wayne Noles, 61, previously was the managing partner of Coil Chem LLC, a chemical manufacturing company based inWashington, Oklahoma.
Prosecutors alleged that on Jan. 27, 2015, Noles opened a $690,000 revolving line of credit through First National Bank for the authorized purpose of funding Coil Chem’s operating expenses.
Noles later caused the advance of $250,000 from the company’s credit line into another account under Noles’ control, then directed a co-conspirator to immediately withdraw and deposit the funds into the account of a local home builder to help pay for the construction of a new house for Noles.
The charge against him further alleged that Noles then sought and obtained a $1.2 million home construction loan from First National Bank, despite the fact he had already paid a portion of the home’s construction costs with the money fraudulently obtained from Coil Chem’s credit line.
Noles pleaded guilty last September to bank fraud and admitted he conspired to divert $250,000 from Coil Chem’s revolving line of credit to fund construction of his house in Blanchard.
U.S. District Judge Jodi W. Dishman sentenced Noles on May 28 to serve three years and four months in federal prison and ordered him to pay $50,498 in restitution.