CEDAR RAPIDS, Iowa (KCRG) - A former bank vice president was sentenced to federal prison Friday afternoon for aiding the obstruction of an FDIC investigation.
Martin Smith, who is from Center Point, was sentenced to 12 months and one day in prison and must pay over $1.2 million in restitution. Smith pled guilty in August of 2018 to these charges.
Smith was the vice president of that bank from 2009 to 2012. During his time there, the FDIC conducted an examination in 2011. The FDIC found out that Smith changed due dates of loans along with advances on loans that were not properly approved of. This caused the bank to lose over $1 million on loans that were never authorized in the first place.
He was released on bond previously set and the date for him to surrender is unknown at this time.