by David Ramsey
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.