Breaking News

Police arrest Fulton man on cocaine charges April 23, 2014

Defrauder of The Callaway Bank sentenced

A man who pleaded guilty a year ago to defrauding $1.2 million from a local bank, and a total of $1.75 million to others, was sentenced Tuesday in federal court.

On Aug. 26, Aaron Matthew Payne, 40, of O’Fallon, an owner of three car dealerships in Columbia, was sentenced to one year in prison and repayment of the money he defrauded from The Callaway Bank and other institutions.

Payne was federally indicted on Sept. 2, 2011. The sentencing phase of his case began a little more than a year ago for defrauding The Callaway Bank and other institutions at a total of $1.75 million. He had been defrauding the companies since 2007. The Callaway Bank sustained the greatest amount of damage, losing $1.2 million. Other institutions involved included Missouri Credit Union, Jefferson Bank of Missouri, Ford Motor Credit Company, Boulevard Bank, Blue Ridge Bank & Trust, Manheim Automotive Financial Services and Dealer Services Corporation.

“This brings closure to a case law enforcement has been working on for some time,” Kim Barnes, President and CEO of The Callaway Bank, stated in a press release. “We’ve been cooperative with the FBI throughout this process and we appreciate their hard work and the court’s decision.”

To finish reading this article, please pick up a copy of The Fulton Sun at a newsstand nearest you or become a subscriber by calling (573) 642-7272.

Comments

Use the comment form below to begin a discussion about this content.

Please review our Policies and Procedures before registering or commenting

| Fulton Sun>