Former One Bank VP Matthew Sweet Indicted for Fraud, Money Laundering

by George Waldon  on Monday, Nov. 11, 2013 9:09 am  

Matthew Daniel Sweet, 41, of Timbo (Stone County) was indicted on 30 counts of bank fraud and 30 counts of money laundering. His trial is scheduled for Dec. 9, before U.S. District Judge Leon Holmes.

The indictment against the former vice president and controller of Little Rock's One Bank & Trust alleges he stole nearly $76,000.

Arkansas Business first reported on Sweet on Aug. 5, naming him as "former employee B" in the July 12 forfeiture action against assets seized from Layton "Scooter" Stuart, former chairman, president and CEO of the bank. That action outlined the same alleged crimes that were detailed in the indictment, unsealed on Friday.

The indictment alleges that Sweet used his position at One Bank to obtain and sign 30 cashier’s checks drawn on a clearing account at the bank from January 2009 to October 2011.

According to the indictment, he then mailed the cashier’s checks to cover money owed on two personal credit cards.

When confronted by One Bank management, Sweet admitted his actions. The indictment alleges he was allowed to resign in February of 2012 and paid back the amount he had stolen with two cashier’s checks from another bank.

One check for $9,662.25 was made payable to the bank, and one for over $101,003.49 was made payable to Stuart, owner of One Bank.

Stuart died March 26, six months after bank regulators forced him out of the bank amid allegations of self-dealing.

More: Richard Torti fights Layton Stuart battle on two legal fronts, county and federal.

 

 

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