Former Minden bank chairman pleads guilty to fraud

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By The Associated Press

An 80-year-old former Minden bank executive accused of stealing more than $11 million has pleaded guilty to one count of bank fraud.

Ray Van Norman of Kearney entered his plea in federal court in Omaha on Wednesday. He is the former chairman and CEO of Minden Exchange Bank & Trust.

Sentencing is set for Feb. 9. He was told during Wednesday’s hearing that he faces up to 30 years in prison and a fine of up to $1 million.

Van Norman was indicted by a federal grand jury. That indictment unsealed in June alleged he took the money between 1997 and 2006 by creating fake lines of credit.

U.S. Attorney Joe Stecher’s office had said Van Norman used the money to pay down loans related to eight cattle-feeding clubs Van Norman had an interest in.

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On the Net:

Minden Exchange Bank & Trust Co.: http://www.mindenexchange.com