Former Bank CEO Pleads Guilty to over $600K in Bank Fraud and Money Laundering in Mississippi

Larry Hill,of Mississippi, pled guilty in U.S. District Court to bank fraud and money laundering. Larry Hill served as CEO of People’s Bank of the South in Bude, Mississippi. From 2004 through 2012, he fraudulently withdrew money from the bank’s Payroll Clearing Account and deposited those funds into the bank accounts of his family members and into a “shell” bank account he created for his personal benefit and the benefit of others.

The total amount of loss in this case is still being calculated but is estimated to be from $600,000 to over $1 million.