Former Arvest Bank official sentenced to eight years in federal prison for bank fraud | Arkansas Blog

Former Arvest Bank official sentenced to eight years in federal prison for bank fraud

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Arkansas Business reports that H. Dennis Smiley Jr. was sentenced today to 97 months in federal prison. Smiley, the former president of Arvest Bank's Benton County market, pleaded guilty to bank fraud last August. Smiley was also ordered to pay restitution of $4.9 million and two years of supervised release will follow his prison sentence. 

From the AB report

Smiley, 52, pleaded guilty in August to a single count of bank fraud after defrauding 23 Arkansas banks out of $5.3 million through a combination of forged signatures and fraudulent collateral. ...

Smiley amassed millions in debt spread across virtually every bank operating in northwest Arkansas by repeatedly pledging the $500,000 worth of phantom stock contained in his Arvest retirement account, assets that couldn’t legally be pledged at all.

Smiley had suddenly resigned from Arvest a couple of weeks earlier, after a check for payment on one of the many loans bounced, triggering a collapse of his scheme.



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