MEMPHIS, Tenn. (WMC) - A former Memphis loan officer pleaded guilty Wednesday to a loan fraud scheme that could land him behind bars for decades.
Robert Whartenby, 58, was a loan officer at Trustmark Bank’s main Memphis office. U.S. Attorney Mike Dunavant says Whartenby stood before a judge Wednesday and admitted to defrauding the bank of almost $400,000 between May 2017 and June 2018.
Dunavant says Whartenby submitted false paperwork for loans to fake companies he created. The loans were then disbursed to accounts at another bank that Whartenby opened in the names of the fake companies.
Whartenby is facing up to 30 years in prison, a $1 million fine and five years of supervised release.
Sentencing is scheduled for Dec. 12.