A southeast Virginia developer and restaurateur is facing up to 20 years in prison after pleading guilty to federal bank fraud charges.
Thomas Arney, of Chesapeake, pleaded guilty in U.S. District Court in Norfolk on Friday for his role in a scheme that led to the collapse of Bank of the Commonwealth.
The Virginian-Pilot reports (http://bit.ly/QzqFuW ) that the 56-year-old admitted that he conspired with bank executives to defraud Bank of the Commonwealth of $15 million in loans.
Much of that money was lost and contributed to more than $150 million in losses that caused the bank to fail in 2011.
Arney was indicted in July along with four former Bank of the Commonwealth executives on charges that they conspired to commit bank fraud.
Sentencing is set for Dec. 3.