Grand Jury Returns Superseding Indictment

Grand Jury Returns Superseding Indictment

Grand Jury Returns Superseding Indictment Charging First NBC Bank Executives And A Borrower With Bank Fraud And False Statements

NEW ORLEANS (STL.News) The United States Attorney’s Office announced that a grand jury returned a superseding indictment against ASHTON J. RYAN, age 73, of Kenner; WILLIAM BURNELL, age 71, of Kenner; ROBERT BRAD CALLOWAY, age 60, of Metairie; FRANK J. ADOLPH, age 61, of Kenner; and FRED V. BEEBE, age 62, of Donaldsonville, for defrauding First NBC Bank, the New Orleans-based bank that failed in April 2017.

According to the 49-count Superseding Indictment, from 2006 through April 2017, RYAN, BURNELL, CALLOWAY, BEEBE, and ADOLPH conspired to defraud First NBC Bank (the “Bank”) through a variety of schemes.  RYAN was the President and CEO of the Bank for most of its existence.  BURNELL was the Chief Credit Officer.  CALLOWAY was an Executive Vice President.  BEEBE was a Senior Vice President.  ADOLPH was a borrower at the Bank who was charged with conspiring with the four Bank executives to obtain loans based on false statements and forged documents.

The Superseding Indictment alleges that RYAN, BURNELL, CALLOWAY, BEEBE, ADOLPH, and others conspired to defraud First NBC Bank by disguising the true financial status of certain borrowers and their troubled loans, concealing the true financial condition of the Bank from the Board, auditors, and examiners. 

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