Loan officer sentenced for fraudulently obtaining loans, receiving kickbacks

Loan officer sentenced for fraudulently obtaining loans, receiving kickbacks
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FLORENCE, SC (WMBF) – A loan officer for a Florence bank was sentenced Monday in federal court for fraudulently obtaining loans and receiving kickbacks on some of the loans he obtained, according to a news release from the U.S. District Attorney's office.

Gerald Arnette, Jr., of Dillon, was sentenced in federal court in Florence for bank fraud and was sentenced by a judge to one year and one day in federal prison, the release states.

Evidence presented established that while working as a loan officer for the Citizens Bank in Florence, Arnette used his position to fraudulently obtain loans, some of which he received kickbacks for obtaining, the release states. Arnette reportedly paid back over $150,000 to the bank, making full restitution for the loans that were issued.

The case was investigated by agents from the FBI and the U.S. Postal Inspector. Assistant U.S. Attorney Jay Richardson of the Columbia office prosecuted the case.

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