Superseding indictment handed down for First NBC Bank executives accused of fraud (Source: NOLA.com) By Tiffany Baptiste | January 29, 2021 at 8:04 PM CST - Updated January 29 at 8:27 PM
NEW ORLEANS (WVUE) - A federal grand jury returned a superseding indictment against five First NBC Bank executives accused of defrauding the now failed bank.
The 49-count superseding indictment accuses Ashton Ryan, William Burnell, Robert Calloway, Fred Beebe and Frank Adolph of conspiring to defraud the bank between 2006 and 2017. It is believed that they disguised the true financial status of certain borrowers and their troubled loans and concealed the financial conditions of the bank from the board, auditors and examiners.