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Businessman Admits to Conspiring with First NBC Bank President to Defraud First NBC Bank


Thursday, December 22, 2022

Businessman Admits to Conspiring with First NBC Bank President to Defraud First NBC Bank

NEW ORLEANS – United States Attorney Duane A. Evans announced that FRANK J. ADOLPH (“ADOLPH”), age 63, a resident of Kenner, Louisiana, pleaded guilty on December 21, 2021 to conspiracy to defraud First NBC Bank, the New Orleans-based bank that failed in April 2017.

According to court documents, from August 2008 through April 2017, ADOLPH, was a businessman and borrower at First NBC Bank, individually and through related entities, including Metro Rediscount Company, Motorcycle Acquisition and Investment Company, and Frank Adolph, LLC. In numerous loan documents over several years, ADOLPH made misrepresentations and material omissions in documents he submitted to First NBC Bank to obtain loans. Ashton J. Ryan (“Ryan”), President of First NBC Bank, and William J. Burnell (“Burnell”), the Bank’s Chief Credit Officer, were aware of these misrepresentations and material omissions. Rather than writing off ADOLPH’s loans or otherwise discouraging ADOLPH from lying in loan documents, Ryan and Burnell approved and facilitated ADOLPH’s loans knowing they contained these misrepresentations and material omissions. They also made misrepresentations and material omissions of their own regarding ADOLPH’s loans.

ADOLPH has pleaded guilty to one count of conspiracy to commit bank fraud, in violation of Title 18, United States Code, Sections 1344 and 1349. The maximum penalties that may be imposed upon conviction are thirty years in prison; a fine of up to $1,000,000, or the greater of twice the gain to ADOLPH or twice the loss to any victim; up to five years of supervised release; and a $100 mandatory special assessment fee.

Judge Eldon E. Fallon set ADOLPH’s sentencing on March 30, 2023.

This case is being investigated by the Federal Bureau of Investigation; the Federal Deposit Insurance Corporation, Office of Inspector General; and the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Office of Inspector General. Assistant U.S. Attorneys Matthew R. Payne, Nicholas D. Moses, J. Ryan McLaren, and Rachal Cassagne are in charge of the prosecution.

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