The U.S. Department of Justice announced that a federal grand jury in the Western District of Oklahoma has indicted Danny Seibel, the former President and Chief Executive Officer of the First National Bank of Lindsay, charging him with conspiracy to commit bank fraud, bank fraud, making false entries in a financial institution’s books and records, obstructing the examination of a financial institution, and failing to implement an anti-money laundering program. According to the indictment, Seibel led the bank from around February 2007 until his termination in September 2024 and also served in management roles including Chief Financial Officer and Bank Secrecy Act Officer. He allegedly caused the bank to issue loans to certain customers that were not repaid, then manipulated the bank’s records and reports to overstate loan performance, including by using new loans or transfers of the bank’s own funds to cover overdrafts. The indictment further alleges he modified records to conceal the activity from the Office of the Comptroller of the Currency, the bank’s board, and others, including providing a false document during a summer 2024 onsite examination to conceal hundreds of changes to loan data; it also alleges he failed to implement an anti-money laundering program, did not file suspicious activity reports related to his scheme, and advised customers to structure cash deposits below USD 10,000 to avoid reporting requirements. If convicted, Seibel faces up to 30 years in prison and a fine of up to USD 1 million.

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