| From | Catherine L. Hanaway |
| United States Attorney | |
| Eastern District of Missouri |
111 South 10th Street St. Louis, Missouri 63102
For Further Information: Call Public Affairs Officer Jan Diltz (314) 539-7719
June 8, 2006 For Immediate Release Former President of Canton State Bank and His Wife are Indicted on Multiple Federal Fraud Charges Involving a Bank Fraud Conspiracy
St. Louis, Missouri: William Michael (Mike) and Patricia Huffman have been indicted on multiple conspiracy and fraud charges involving false statements to obtain loans and making loans to a bank customer which were for the benefit of the Huffmans, United States Attorney Catherine L. Hanaway announced today.
The Huffmans' are charged with understating their liabilities on loan applications between October 2001 and August 2004, with Canton State Bank, the Paris National Bank, Perry State Bank, Bank of Monticello and Farm Service Agency. While Mike Huffman was President of Canton State Bank, he allegedly made numerous loans to a bank customer who returned a substantial portion of the money to Huffman. In some cases, the indictment alleges that checks were made out to Patricia Huffman's minor child in order to conceal the payments to the huffmans.
William Michael Huffman, 49, and his wife Patricia Renee Robertson, 27, of Lebanon, Missouri, were indicted by a federal grand jury on 26 felony counts of conspiracy to commit bank fraud, to make false statement to banks and Farm Service Agency, and to commit money laundering, bank fraud, money laundering, and making false statements to banks and the Farm Service Agency.
If convicted, they face maximum penalties of 30 years in prison and/or fines up to $1 million.
Hanaway commended the work on the case by the Federal Bureau of Investigation, the FDIC Office of Inspector General, the U.S. Department of Agriculture Office of Inspector General and assistant United States Attorneys Steven Muchnick and Tom Albus, who are handling the case for the U.S. Attorney's Office.
The charges set forth in an indictment are merely accusations, and each defendant is presumed innocent until and unless proven guilty.