Archive for Friday, June 18, 2010

Leavenworth County couple indicted for bank fraud

June 18, 2010, 4:58 p.m.

Updated: June 21, 2010, 6:43 a.m.

Gary F. Wells, 65, and Arlie M. Wells, 64, are charged with five counts of bank fraud. In addition, Allie Wells is charged with three counts of money laundering. The crimes are alleged to have occurred from Aug. 2, 2005, through June 5, 2006, in Leavenworth County.

The indictment alleges the Wellses submitted false documentation to Mutual Savings Association in order to obtain a $2 million loan for their company Best Development Company. Allie Wells initiated three electronic transfers with the money fraudulently obtained from the loan.

If convicted, they face a maximum penalty of 30 years in federal prison and a fine up to $1 million on each count of bank fraud, and a maximum penalty of 10 years and a fine up to $250,000 on each count of money laundering. The U.S. Secret Service investigated. Assistant U.S. Attorney Marietta Parker is prosecuting

This story has been updated to reflect a correction in its original headline.


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