A former executive of a failed New Orleans bank has been convicted of bank fraud, conspiracy, and other charges. The man approved loans knowing borrowers could not meet interest payments.
"This was a theft of epic proportions that grew from within," US Attorney Duane Evans said."Over 500 people lost their jobs and Ashton Ryan claimed that he was helping New Orleans after Katrina, but in reality, his fraud left a hole in the New Orleans economy."
Ryan was convicted on more than 70 counts, some carrying possible 30-year prison terms. Ryan could also owe double restitution of the bank's $263 million in losses.Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox
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