The Bank Slate


First NBC exec pleads guilty for role in bank’s failure

Another former executive at First NBC Bank has pleaded guilty to charges tied to the New Orleans bank’s April 2017 failure. 

William Burnell, the bank’s chief credit officer from 2006 until its failure, pleaded guilty to conspiracy to defraud First NBC. He was accused of misrepresenting information on monthly reports showing the quality of the bank’s assets. 

The U.S. Attorney’s Office for the Eastern District of Louisiana alleged in a press release that Burnell conspired with Ashton Ryan, First NBC’s former president, and other executives to “conceal material information and defraud the bank.” 

Burnell was also accused of making misrepresentations in loan documents for one of Ryan’s business partners in ways that financially benefited Ryan. 

Two other former First NBC executives, along with five borrowers, have also pleaded guilty to conspiracy to defraud the bank. A trial for Ryan, along with another former executive and borrower, is scheduled to begin in January. 

Burnell faces a maximum penalty of 30 years in prison. Burnell also faces a fine of up to $1 million or the greater of twice his gain or twice the loss to any victim. His sentencing is set for March 16.

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