Madison banker pleads guilty to fraud

By Staff
A local banker pled guilty last week to charges elated to fraud.
Bryant Hovis, 36, of Madison, pled guilty to two counts of a federal indictment on charges of conspiracy to defraud North Alabama Bank and filing a false tax return.
During 1998 and 1999, Hovis was vice president and loan officer at North Alabama Bank in Madison. In Nov. 1998, Jan. 1999 and May 1999, Hovis agreed with a customer to process three loans for the customer at his bank using a false financial statement. The defendant knew the financial statement was false in a material manner when he presented it to the loan committee, that the net worth of the customer was materially overstated.
Based on false financial statement, the bank loan committee approved the loans, which exposed the bank to lose up to $1.5 million. During the period, the customer made payments to Hovis of about $10,000 per month – totaling $80,000. North Alabama Bank lost approximately $839,257after the customer defaulted on the loan. Hovis also failed to report more than $40,000 of the payments he received from the customer on his 1999 federal income tax return, a return he signed under penalty of perjury and filed with the Internal Revenue Service.
According to Alice Martin, United States Attorney for the Northern District of Alabama, this is the fourth conviction in this investigation and more charges are anticipated.
Hovis could receive a maximum of eight years in prison and a fine up to $500,000. Sentencing will be scheduled before U.S. District Judge Edwin Nelson.

FRONT PAGE FEATURED

“I’m Meant To Be Here”- Dell Pettus Signs With New England Patriots- Former Sparkman Player Goes Pro

Lifestyles

Get those pumpkins planted: Halloween starts in July

Events

CAFY Back to School event to be held Saturday at Calhoun’s Huntsville campus

Bob Jones High School

Teachers support DIAL Scholarship program at UAH

Events

Joe Davis Stadium to host UNA vs. Jax State collegiate soccer match Aug. 18

Huntsville

UAH announces search for a master developer to enhance college-town experience

Events

Huntsville Parks & Recreation to host inaugural Color Jam Family Fun Run & Walk

Madison

Fernandez named Assistant Coordinator of Accountability and Innovative Programs

Madison

ALEA reports 9 traffic deaths, 3 drownings over July Fourth travel period

Madison

Management institute awards scholarship to Michelle Epling

Madison

Sarah Crouch’s debut novel, ‘Middletide,’ sets whodunnit in Puget Sound

Liberty Middle School

White named Secondary Instructional Technology Specialist

Madison

Nominations open for chamber’s Annual Gala Awards

Bob Jones High School

MCCL wishes good luck to 4 graduating seniors

Madison

DIGITAL WELLNESS: UAH researcher studying ways people are detoxing from addictive technology

Madison

Workers and high school students learning new skills at Calhoun Construction Academy

Digital Version

Digital version of The Madison Record – July 10, 2024

FRONT PAGE FEATURED

Bodybuilding Championships To Showcase Body Perfections

Madison

Arrest made in shooting death of teen in Madison shooting

Madison

Garbage truck slams into Madison house injuring one

Madison

HONORING OUR PATRIOTS

Madison

Historical society accepts Alabama House resolution at picnic

Madison

Madison Station Historical Preservation Society reaches 40th anniversary

Harvest

Audience can chill to Calypso Vision on July 11

x