Bainbridge Georgia

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Larry Malone Pleads Guilty to Fraud
    Oct 1, 2011

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The North Florida Daily News reports
A prominent Crestview attorney and three Destin residents have been arrested in connection with a fraud and bribery scheme to purchase a condominium, according to federal prosecutors.

According to the indictment, Cadenhead obtained a $700,000 loan from Southwest Georgia Farm Credit bank in Bainbridge, Ga., to help fund the purchase of the penthouse at Grand Harbor condominiums on U.S. Highway 98. He alleged in loan documents that the loan money would be used to buy timber.

Instead, Cadenhead used the money to pay a $50,000 bribe to a loan officer at the bank and a $25,000 bribe to Branham, according to the indictment.

The loan officer, Larry J. Malone, chief of lending for Southwest Georgia Farm Credit, pleaded guilty September 22 to charges of conspiracy to commit bank fraud and receiving a gift for procuring a loan.

Richard Monson, CEO of Southwest Georgia Farm Credit stated they discovered the discrepancy and reported it to the proper authorities.

Read the full story at nwfdailynews

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