BUDE — A former bank executive has been sentenced to more than six years in federal prison for money laundering and bank fraud.
U.S. Attorney Gregory K. Davis and Daniel McMullen, the FBI agent in charge in Mississippi, announced the sentence yesterday in a news release
Authorities say 58-year-old Larry Barnette Hill of Meadville served as CEO of People’s Bank of the South in Bude.
Prosecutors say from 2004 through 2012, Hill fraudulently withdrew money from the bank’s payroll clearing account and deposited those funds into the accounts of his family members and into a shell account he created.
He was sentenced to 78 months during a hearing yesterday in U.S. District Court in Jackson.