Federal Deposit Insurance Corporation - Office of Inspector General

Director and President of Bank of Alamo Indicted Along With Four Others on Money Laundering and Bank Fraud Charges

PRESS RELEASE



 

U.S. Department of Justice

 

United States Attorney

Western District of Tennessee

 

800 Federal Building                                  Telephone 901.544.4231

167 North Main Street                                         Fax 901.544.4230

Memphis, Tennessee 38103                                  TTY 901.544.3054

 

 

PRESS RELEASE

 

FOR IMMEDIATE RELEASEFOR FURTHER INFORMATION:

DATE: MARCH 22, 2006                             CONTACT: LEIGH ANNE JORDON

(901) 544-4231

 

                        Director and President of Bank of Alamo Indicted

                          Along With Four Others on Money Laundering

                                           and Bank Fraud Charges

 

Jackson, TN - Lawrence J. Laurenzi, Acting United States Attorney for the Western District of Tennessee, My Harrison, Special Agent in Charge of the Federal Bureau of Investigation - Memphis Field Division and Tom McDade, Special Agent in Charge, Federal Deposit Insurance Corporation, announced today that a federal grand jury returned an indictment against WILLIAM SAVEH, CLAUDE M. CONLEY, JOHN SANDERS, LAZARIA SAVEH, GEORGE EIVAZZADEH, and PEGGY HOOPER alleging various charges of conspiracy, money laundering, and bank fraud.


One indictment states that in November 2002 the Bank failed and the FDIC took over the assets of the Bank.  According to the indictment, CLAUDE M. CONLEY, Director and Chairman of the Bank of Alamo Board of Directors, and JOHN SANDERS, President and CEO of the Bank of Alamo being aided by WILLIAM SAVEH, LAZARIA SAVEH, and GEORGE EIVAZZADEH made and caused to be made false and fraudulent statements in the books and records of the Bank.  The indictment charges that these false statements were made to cover up loans made to WILLIAM SAVEH, in excess of the Bank's legal lending limit and to conceal from the FDIC and the State Regulators the true financial condition of the Bank of Alamo.  The indictment alleges that the books and records of the bank reflected that loans from the Bank of Alamo were being made to LAZARIA SAVEH and GEORGE EIVAZZADEH where in truth in fact the loans were being made at the direction of and for the use and benefit of WILLIAM SAVEH.  This indictment further alleges that WILLIAM SAVEH, CLAUDE M. CONLEY, JOHN SANDERS, LAZARIA SAVEH, GEORGE EIVAZZADEH, and PEGGY HOOPER fraudulently obtained loans from both Union Planters Bank and the Bank of Alamo.

In other indictments WILLIAM SAVEH, PEGGY HOOPER, WILLIAM VINCENT MADDOX, and WILLIAM PAUL MADDOX were indicted on bank fraud charges.

This case was investigated by the Federal Bureau of Investigation and the Federal Deposit Insurance Corporation, Office of Inspector General.  Acting United States Attorney Lawrence J. Laurenzi and Assistant United States Attorney Vic Ivy are handling the case for the government.

 

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Note: Charges brought against a person are accusations only.  That person is presumed innocent until and unless proven guilty.

Last Updated 3/24/06 contact the OIG
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