June 26--An Olathe man pleaded guilty in federal court Wednesday to bank fraud committed while he worked as a senior vice president of Farmer's Bank & Trust of Overland Park.
Michael W. Yancey, 55, admitted to one count of conspiracy to make false statements on a loan application, which is punishable by up to five years in prison.
According to court documents, Yancey and a commercial customer of the bank misrepresented the purchase price of a property in Basehor as $1.1 million in order to obtain a bank loan for $825,000. That allowed them to skirt a requirement that the loan not exceed 75 percent of the purchase price. The property was actually purchased for $850,000, meaning the loan amounted to 97 percent of the price.
Yancey was ordered to surrender his passport. A sentencing date will be set later.
| Matt Campbell, firstname.lastname@example.org
(c)2014 The Kansas City Star (Kansas City, Mo.)
Visit The Kansas City Star (Kansas City, Mo.) at www.kansascity.com
Distributed by MCT Information Services