- Associated Press - Wednesday, July 8, 2015

BUFFALO, N.Y. (AP) - A former New York bank executive has pleaded guilty in a loan scheme that prosecutors say cost his bank more than $5 million.

Former M&T; Bank Vice President Michael Whipple of suburban Buffalo faces a maximum of 30 years in prison after pleading guilty Tuesday to financial institution fraud.

Federal prosecutors say Whipple ran the fraud between 2008 and 2013, creating loans in the names of credit-worthy entities and diverting the funds to unqualified customers.

Authorities say Whipple created at least 12 so-called “funding loans” that resulted in losses to M&T; of $5.3 million.

Sentencing is scheduled for Oct. 7.

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