Plea Deal For Executive In Colorado Bank Failure

DENVER (AP) – A plea deal has been reached for a former New Frontier Bank loan officer who is facing federal fraud charges.

The U.S. Attorney’s Office Tuesday announced Gregory Bell and prosecutors have reached an agreement. A change of plea hearing is set for Feb. 5.

Details of the agreement were not released but prosecutors in a complaint say they want to seize property obtained by the alleged fraud.

Bell was the chief loan officer at New Frontier, which had $2 billion in assets before lending practices turned it into one of the nation’s most expensive bank failures in 2009.

Among the accusations is that Bell made more than $20 million in loans to borrowers and then funneled some of that money into bank stock to shore up its financial standing.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

More From CBS Denver

Latest Broncos Updates
The Late Show With Stephen Colbert

Listen Live

AM/FM Stations

Featured Shows & Multimedia