A federal court jury this afternoon acquitted two former employees of One Bank of charges related to concealing a bad loan of $1.5 million from regulators and some bank board members, according to the Arkansas Democrat-Gazette
It was the 15th day of the trial of Michael Frances Heald
and Bradley Stephen Paul
. The jury got the case at 5:43 p.m. Friday, but recessed shortly after to return to deliberations this morning at 8:30 a.m. The jury returned verdicts clearing the men of all charges about 2:45 p.m.
Four men were indicted initially. One other executive pleaded guilty and is awaiting sentencing. A charge against another was dropped. The loan went to a Canadian living in Florida who had an automotive technology company. He misrepresented his net worth and made no payments on the loan. He is serving a prison term. Arkansas Business explained the tangled case here.