Former Preacher Sentenced for Bank Fraud

Allison Tussey —  November 9, 2010 — 1 Comment

Delgardo Lee Linthicum, 54, Rustburg, Va., the former head of a non-profit organization and preacher, was sentenced in U.S. District Court on one count of bank fraud for failing to disclose all of his financial assets to a banking institution while trying to secure a loan.

Linthicum pled guilty in August to a one count Information charging him with bank fraud. In U.S. District Court in Lynchburg, he was sentenced to18 months in prison and ordered to pay $130,572 to BB&T for making false statements to the bank about his assets and financial history.

In August 2010, Linthicum, a former pastor who worked with several community organizations to offer training for former offenders, admitted to lying on a commercial loan application submitted to BB&T. The defendant admitted that in order to secure the loan, he left certain details about his financial standing and financial history off his loan application. Specifically, Linthicum lied about two previous bankruptcies and the fact that he no longer owned vehicles and stocks listed as collateral for the loan.

“In an effort to obtain a commercial loan from BB&T Bank, Mr. Linthicum misrepresented his financial condition and omitted certain details that potentially impacted the loan decision,” United States Attorney Timothy J. Heaphy said in announcing the sentence. “In misleading the bank, Mr. Linthicum committed a serious crime for which he has been held accountable. The Department of Justice remains committed to ensuring that those who commit white-collar crimes are prosecuted and punished.”

The investigation of the case was conducted by the Virginia State Police and the United States Secret Service. Assistant United States Attorney Charlene R. Day is prosecuting the case for the United States.


Allison Tussey

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One response to Former Preacher Sentenced for Bank Fraud

  1. Maybe he quit being a preacher due to money issues. Poor guy BUT not a good move for him.

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