Ex-Banker Hid Private Financial Transactions from Employers and Approved Loans Despite Conflict of Interest, Prosecutors Say | Crime and courts
A former Rocky Mountain Bank loan officer did not disclose millions of dollars in private financial transactions he had with a client of the bank when signing bank loans for this person, said Monday from prosecutors to a jury.
Assistant U.S. Attorney Colin Rubich said Stephen Phillip Casher approved a series of loans to Larry Price Jr. during his time at Rocky Mountain Bank, where he worked as chairman of the market until 2017.
But Kosher did not tell the bank that he had his own business relationship with Price, outside of work, and that Price’s financial situation could impact him personally, creating a conflict of interest, said Rubich.
Over a period of several years, Kosher provided or facilitated around $ 5 million in high-interest private loans to Price, the prosecutor said.
For bank loans, Price served as a personal guarantor, which underscored the bank’s need to have a full picture of Price’s financial situation, Rubich said.
“It wasn’t a mistake,” Rubich said. “… It was deliberate.”
Kosher’s trial began Monday in Billings U.S. District Court.
Kosher also entered into private financial transactions with Kisling Quality Builders which he did not disclose while overseeing James and Timilynn Kisling’s loan application to the bank, prosecutors said.