Former Ga bank executive pleads guilty in fraud

Former Ga bank executive pleads guilty in fraud

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SAVANNAH, Ga. (AP) - A former executive pleaded guilty in a fraud scheme that contributed to the failure of a Georgia bank three years ago.

Authorities say 63-year-old Jay Patrick Gardner entered the plea in federal court in Savannah on Friday.

Gardner was a vice president of the First National Bank of Savannah, which regulators shut down in June 2010.

The Savannah Morning News reports that Gardner admitted his involvement in a $74,000 loan which federal prosecutors say was part of a scheme to cover financial problems for a real estate developer.

Gardner is one of seven former First National officers named in a 35-count indictment. He has agreed to cooperate with prosecutors.

The six remaining defendants are set for trial Dec. 4. Each has pleaded not guilty.

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