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Oklahoma City, OK. — The former President and Chief Executive Officer of the First National Bank of Lindsay has been indicted by a federal grand jury on charges stemming from an alleged multi-year scheme to defraud the bank, falsify records, obstruct regulators, and ignore federal anti–money laundering requirements.
Danny Seibel, 54, of Lindsay, Oklahoma, served as the bank’s top executive from 2007 until his termination in September 2024. According to the indictment, Seibel also held key management roles during his tenure—including Chief Financial Officer and Bank Secrecy Act Officer—positions that prosecutors say gave him broad access to financial controls he allegedly misused.
Federal prosecutors allege that Seibel caused the bank to issue loans to select borrowers—many described as personal friends and neighbors—that were never repaid. To mask mounting losses, Seibel purportedly manipulated internal records, falsified bank reports, and used new loans or even the bank’s own funds to cover overdrafts and delinquent accounts. Investigators say he repeatedly altered loan data to hide the scheme from the bank’s Board of Directors and its primary federal regulator, the Office of the Comptroller of the Currency (OCC).
During an OCC onsite examination in the summer of 2024, Seibel allegedly provided examiners with a falsified document that hid hundreds of changes he had made to loan information. The indictment further accuses him of failing to maintain a legally required anti–money laundering program, declining to file suspicious activity reports on his own conduct, and advising customers to make deposits under $10,000 to skirt federal reporting rules.
The OCC appointed a receiver for the bank in October 2024.
If convicted, Seibel faces up to 30 years in federal prison and a fine of up to $1 million.
The announcement was made by Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division; U.S. Attorney Robert J. Troester for the Western District of Oklahoma; and leaders from FDIC-OIG, the FBI, IRS-CI, and FHFA-OIG. Investigators from FDIC-OIG, FBI, IRS-CI, and FHFA-OIG are handling the case. Assistant U.S. Attorneys Julia E. Barry and Jackson D. Eldridge, along with Trial Attorneys Mark Goldberg, Ryan McLaren, and Elysa Wan of the Criminal Division’s Bank Integrity Unit, are prosecuting the case.
Officials emphasized that an indictment is only an allegation, and Seibel is presumed innocent unless proven guilty in court.
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