BILLINGS — A former executive of a Montana bank faces federal charges alleging he approved two bank loans to a coal executive without disclosing his investor group made private loans to the coal executive and that those debts were not included on the loan applications.
The Billings Gazette reports Stephen Phillip Casher is charged with money laundering, blackmail and two counts of bank fraud. Attorney Mark Parker says Price will plead not guilty.
Prosecutors allege Casher approved loans to Larry Price Jr. while working at Rocky Mountain Bank knowing his investor group had made $11 million in high-interest loans to Price.
The charges against Casher also allege he intimidated Price into signing over title to a $16.5 million Billings mansion to the investor group, Three Blind Mice. A judge recently upheld that transaction.
Price has pleaded guilty to defrauding investors of $20 million.