Richard Earl Jeffcoat, 52, of Pelion was sentenced to six months in federal prison and six months of home confinement after pleading guilty to conspiring to commit bank fraud, U.S. Attorney Sherri A. Lydon announced.
Senior U.S. District Court Judge Terry L. Wooten of Columbia ordered Jeffcoat to pay more than $45,000 in restitution to the victim, Arthur State Bank.
Facts presented in court established that Jeffcoat is an accountant who was producing false documentation in support of loan applications and giving that information to an Arthur State Bank loan officer.
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The officer then facilitated approvals for mortgages and other loans using the fake documents.
Some of the loans were for Jeffcoat’s family members.
Jeffcoat was involved in a total of six loans valued at $529,000. Several are still current. The value of the loss to date is approximately $45,000.
The U.S. Secret Service investigated the case. Assistant U.S. Attorney Winston D. Holliday Jr. of the Columbia office prosecuted the case.