Arkansas State Senator Pleads Guilty to Wire Fraud, Money Laundering and Bank Fraud

No Comment 34 Views

Arkansas state Sen. Jake Files has pleaded guilty to wire fraud, money laundering and bank fraud in connection with a $46,500 grant he fraudulently obtained for use on a local sports complex.

Files, 45, was accused of obtaining government money known as General Improvement Funds (GIF) by submitting fraudulent bids, then directing an associate to open a bank account under her name to conceal his role as the ultimate beneficiary of the GIF award.

When a first installment of about $26,900 was wire transferred from the city of Fort Smith to the associate’s bank account, the associate withdrew about $11,900 of the funds in a cashier’s check made payable to FFH Construction, Files’s construction company, and the rest in cash. The associate then hand-delivered the check and the cash to Files who, in turn, deposited the check into his personal bank account.

Files also admitted to submitting a materially false loan application in November 2016 as part of a scheme to secure roughly $56,700 from First Western Bank.

Read more here:

Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions