Former bank president facing life in jail for bank fraud, real estate fraud

The former president and chairman of a failed Oklahoma bank could spend the rest of his life in federal prison, after a jury found him guilty of a series of fraud charges that involved personally approving fraudulent loans for real estate and other investments.

According to the U.S. Attorney’s Office for the Western District of Oklahoma, Paul Doughty, 67, the former president and chairman of First State Bank of Altus, was found guilty last week of 10 charges of bank fraud, conspiracy to commit bank fraud, misapplication of bank funds, making a false bank entry and unauthorized issuance of a bank loan in connection with First State Bank and various loan schemes.

Read on.

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