Integrity Bank senior VP’s plead guilty

Two senior vice presidents of the failed Integrity Bank, Douglas Ballard and Joseph Todd Foster, pleaded guilty to fraud charges in federal court yesterday (July 6). Foster, specifically, pleaded guilty to securities fraud. Prosecutors alleged he dumped Integrity Bank stock while knowing the bank was facing substantial losses on loans that Ballard had taken out. “Integrity opened in 2000 and mushroomed to $1 billion in assets thanks to lending in Georgia’s once white hot housing market. The bank trumpeted its Christian-based operating principles. It failed in August 2008,” said the Atlanta Business Chronicle.

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