The Federal Deposit Insurance Corp. banned former Greeley banker Fred Allison from the industry Wednesday, the same day Allison was supposed to be sentenced on felony theft charges.
Allison, a vice president overseeing commercial lending at New Frontier Bank in Greeley from 2000 to 2003, pleaded guilty last month to charges that he obtained and failed to repay a $40,000 mortgage loan to improve a property that he claimed he owned but didn’t.
He also faces criminal fraud charges in Larimer County and civil lawsuits from bank customers and friends who lent him money that wasn’t repaid.
Allison was arrested in California in June after leaving the state.
A sentencing hearing for Allison, 41, was postponed from Wednesday to Dec. 7, said Weld County District Attorney spokeswoman Thea Mustari.
Possible penalties include two years in prison or probation.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
