Matthew Beasley, the former president of a Conway construction company called Cobas Inc., was sentenced Friday to 36 months in federal prison for submitting almost $3 million worth of fraudulent invoices to Centennial Bank in 2016.
Beaskley, 47, now of McKinney, Texas, waived indictment in September and pleaded guilty to a single count of bank fraud. He admitted that he drew more than $2.9 million from a line of credit by submitting 17 fraudulent invoices between August and December of 2016.
U.S. District Judge D. Price Marshall Jr. sentenced Beasley to two years of supervised release following his term of imprisonment. Beasley was also ordered to pay $2 million in restitution.
According to a press release from the U.S. Attorney’s Office for the Eastern District of Arkansas, Cobas Inc. maintained a line of credit at Centennial that allowed the company to draw advances based on work performed while waiting for payment from customers.
The case was investigated by the U.S. Postal Inspection Service and the Conway Police Department. The case was prosecuted by Assistant U.S. Attorney Jana Harris.
Sign up for Daily E-news
