OKLAHOMA CITY — A former senior vice president for a Lawton bank pleaded guilty to a federal charge of bank fraud after, investigators said, he took just under $1.1 million to support his gambling habit.
On Monday, John Padilla, 44, of Lawton, pleaded guilty to bank fraud in the U.S. Western District Court, according to U.S. Attorney Robert J. Troester.
Padilla was charged May 7. According to the information, between February 2013 and December 2019, he served at BancFirst as a senior vice president and commercial loan officer for the federally insured bank.
During that time, Padilla admitted to conducting a scheme in which he recruited borrowers to apply for loans, many of which were not creditworthy and were in fact Padilla’s friends and associates, Troester stated. Padilla told the borrowers he would use the loan proceeds to invest in his real estate ventures, and that he would pay the borrowers a percentage of the profit.
Instead, Padilla used most of the loan proceeds to support his gambling habit, while also using proceeds to make payments toward prior loans issued as part of the scheme. In all, Padilla’s actions cost the bank $1,092,135.50, according to court documents.
With his plea, Padilla also admitted to recruiting an associate to apply for a loan, knowing the proceeds were for his own personal use.
At sentencing, Padilla faces up to 30 years in federal prison and a fine of up to $1 million.
