PENSACOLA — A former bank president from Crestview, charged with bank fraud and money laundering, faces trial Jan. 5.
A federal grand jury indicted Michael “Sean” Davis, 43, for nine felony counts: one count of conspiracy to commit bank fraud and/or mail fraud affecting a financial institution, one count of conspiracy to commit money laundering, four counts of false statement to a federally insured institution, two counts of fraudulently benefitting from a loan by a federally insured institution, and one count of money laundering.
The indictment alleges that Davis, while president of Premier Community Bank of the Emerald Coast, schemed to defraud and fraudulently obtain money and property from Premier Community Bank, Bank of America, and Beach Community Bank, all of which were federally insured.
Davis allegedly orchestrated short sales from Bank of America by causing the submission of false documents in real estate closings. The indictment also alleges that Davis, through his company MSD Investments, received funds from loans he authorized and approved as president of Premier Community Bank.
Davis was arraigned Thursday afternoon before Magistrate Judge Elizabeth M. Timothy at the United States Courthouse in Pensacola.He will face trial before Chief United States District Court Judge M. Casey Rodgers.
The case is being investigated by IRS Criminal Investigation with assistance from the Federal Deposit Insurance Corporation’s Office of Inspector General, the Okaloosa County Sheriff’s Office as part of the Northwest Florida Financial Crimes Task Force and the U.S. Treasury Department’s Special Inspector General for the Troubled Asset Relief Program.
The case will be prosecuted by Assistant United States Attorney Tiffany H. Eggers.
This article originally appeared on Crestview News Bulletin: Crestview man indicted for bank fraud, money laundering