ALBANY — Southeastern Farm Brokers owner Joseph W. “Wiley” Jordan has been indicted by a federal grand jury on five counts of fraud in a loan and bribery scheme that authorities say involved a former loan officer from Southwest Georgia Farm Credit (SWGFC) in Bainbridge.
The Grand Jury indictment, obtained by The Albany Herald, charges that Jordan borrowed approximately $3,453,000 from June 2007 to January 2008.
Larry Malone, who pleaded guilty to fraud charges last October, was the chief lending officer at SWGFC at the time, and the indictment charges that from February to September of 2007, SWGFC also paid Jordan $36,500 for referring new borrowers to SWGFC.
The indictment contends that over that period “Jordan did combine, conspire, confederate, agree and have a tacit understanding with Larry Malone, not charged herein; to knowingly and corruptly give, offer and promise anything of value to any person with intent to influence and reward an officer, director, employee and agent of a financial institution in connection with any business transaction of such institution.”
“It was the object of the conspiracy to obtain funds from SWGFC by fraud and to divert the proceeds to the conspirators,” the indictment reads.
Malone pleaded guilty to federal charges of conspiracy to commit bank fraud and receipt of gifts or commissions for procuring a loan.
Those charges stemmed from a $50,000 bribe Malone accepted from co-conspirators Chris Cadenhead, Jackie T. Fair, Jane M. McDonald and Randolph “Randy” Branham, all from Florida, who were indicted on fraud charges in the same case.
In addition to Malone, Cadenhead, Fair and McDonald also pleaded guilty, while Branham was convicted in December. All five are currently awaiting sentencing.
In the same manner as the Florida case, the indictment charges Jordan with applying for and receiving loans from SWGFC and receiving money for new borrower referral fees, then writing personal checks to Malone.
In the indictment, Jordan would typically receive large loans from SWGFC, some as large as $200,000, then pay Malone $25,000.
If convicted Jordan could face a maximum of 30 years in prison.
The federal case number is 1:12-CR-2-WLS.