The Department of Justice reports 41-year-old Christopher Lee Talley, formerly of Northwest Arkansas and 33-year-old William B. Hemm of Fayetteville pleaded guilty to charges that they conspired to bribe a bank officer to influence a business transaction with a financial institution.
The duo could face a maximum of five years in prison and up to $250,000 fine for the bribery charge.
Hemm also pleaded guilty to misapplication of bank funds, which could include up to 30 years imprisonment and a $1 million fine.
The charges accuse Talley of paying Hemm, an officer of ANB Financial, $60,000 to approve a $6.2 million loan.
Hemm was also charged with misapplying $82,500 out of the loan proceeds of Memphis Sports Management to Spitfire Aviation, LLC for the rental of a private jet aircraft. The Information further states that the two men flew to Henderson, NV and that Talley paid $60,000 to Hemm in Las Vegas, NV.
This case was investigated by the Federal Bureau of Investigation and the Office of Inspector General FDIC.