- Associated Press - Tuesday, December 16, 2014

OKLAHOMA CITY (AP) - A former executive of the failed Freedom State Bank has pleaded guilty to filing a false financial report with the Federal Deposit Insurance Corp.

Monday’s plea by 62-year-old Mark Nixon comes almost six months after federal regulators closed the bank in Freedom on June 27.

Prosecutors say Nixon was the bank’s executive vice president and acknowledged preparing a report for the FDIC which falsely stated the bank had about $21.9 million in assets. Prosecutors allege Nixon knew the true amount was substantially less.

In a plea agreement, Nixon acknowledged responsibility for between $1 million and $2.5 million in losses to the bank. Nixon faces up to five years in prison and a $250,000 fine.

Nixon’s attorney, Robert McCampbell, says he is cooperating with the FDIC and prosecutors.

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