A grand jury indictment named a quartet of former top executives at One Bank & Trust in an alleged conspiracy to defraud the federal government.
The 20-page superseding indictment filed Tuesday in Little Rock U.S. District Court identified Gary Rickenbach, Michael Heald, Tom Whitehead and Brad Paul as playing varied roles in a web of transactions designed to hide loan problems from bank regulators.
The alleged scheme centers on a $1.5 million loan to Alberto Solaroli, an alleged investment huckster, and a complex series of loans arranged by One Bank executives to cover it until TARP funds could be obtained.
The intertwined loans were first reported by Arkansas Business on Sept. 9, 2013. The indictment details 16 different loans arranged by One Bank executives as part of the alleged cover up to deceive federal officials.
Solaroli of Jacksonville, Florida, was indicted in November 2013 on one count of bank fraud in connection with the April 2007 loan.
Rickenbach was an executive vice president and senior EVP until he left One Bank in February 2013. Charged in April 2014 with two counts of conspiracy, he is scheduled for trial starting March 30.
Heald was a senior EVP and chief operating officer until he left the bank in July 2011; Whitehead, was an EVP and chief financial officer until he left the bank in December 2012; and Paul was an EVP until he left the bank in late last year.