A man at the center of one of the largest bank fraud escapades in US history has been ordered to pay more than $37,000,000 in restitution to dozens of banks andA man at the center of one of the largest bank fraud escapades in US history has been ordered to pay more than $37,000,000 in restitution to dozens of banks and
Man Drains $45,000,000 From Banks and Financial Institutions in Historic Heist, Triggering Massive Push for Restitution
A man at the center of one of the largest bank fraud escapades in US history has been ordered to pay more than $37,000,000 in restitution to dozens of banks and lending institutions.
Federal prosecutors say Jesse Hill, a 35-year-old financial adviser from Nebraska, helped Lincoln businessman Aaron Marshbanks convince nearly 20 banks across Nebraska and western Iowa to issue a series of loans based on fraudulent financial documentation.
Marshbanks and Hill together sought more than $45 million in fraudulent loans by presenting falsified investment account statements and other collateral information, according to the Nebraska Examiner.
On Friday, U.S. District Judge Susan Bazis signed a restitution order demanding that Hill repay the bulk of the outstanding debt on those bogus loans.
The order lays out how much each bank is owed, with totals ranging from roughly $674,000 to more than $4 million for individual lenders affected by the scheme.
Hill is already serving a five-year federal prison sentence after accepting a plea deal on one count of conspiracy to commit bank fraud, admitting that he aided Marshbanks in securing credit under false pretenses.
Prosecutors indicated that some assets have already been recovered and sold, but a significant sum remains unpaid, leading to the massive restitution judgment.
The incident first gained public attention after Marshbanks’ unexpected death in late 2022, when his body was discovered in a downtown Lincoln parking garage.
Investigators later revealed that many of the loans obtained were funneled into risky investment strategies and luxury purchases, including real estate, a villa in Costa Rica, and a turboprop aircraft, rather than legitimate business ventures.
The restitution ruling compels Hill to liquidate substantial personal property, including a $1.2 million home and acreage near Hickman, to satisfy the order.
Once released from prison, he will be required to make monthly payments toward the remaining balance, although at the mandated rate of $100 per month or 5 percent of gross wages, full repayment would extend thousands of years under the current schedule.
Banks impacted by the fraud, including First Nebraska Bank, Security National, and State Nebraska Bank and Trust, now face a lengthy process in recouping losses, and a separate legal fight remains underway over the disposition of Marshbanks’ life insurance proceeds and other assets that might be tapped for restitution in 2026.
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The post Man Drains $45,000,000 From Banks and Financial Institutions in Historic Heist, Triggering Massive Push for Restitution appeared first on The Daily Hodl.
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