- Associated Press - Wednesday, December 14, 2016

OKLAHOMA CITY (AP) - A federal grand jury has returned a 23-count indictment against the former president and CEO of an Oklahoma bank that was closed by state banking regulators in January 2014, resulting in an estimated loss of $100 million.

The indictment returned Tuesday charges 66-year-old John Arnold Shelley of Oklahoma City with defrauding the Bank of Union in El Reno between 2009 until his resignation on Nov. 30, 2013.

It alleges Shelley issued loans with insufficient collateral, falsified financial statements for borrowers, solicited a fraudulent investment and concealed the bank’s condition from its board and the Federal Deposit Insurance Corporation.

Shelley is scheduled to enter a plea to the charges Thursday before U.S. Magistrate Suzanne Mitchell. His attorney, Patrick Ryan, says Shelley “is innocent and looks forward to his day in court.”

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