FAYETTEVILLE, Ark. (AP) — A 46-year-old Hot Springs man has been sentenced to 41 months in a federal prison for bank fraud.
U.S. Attorney Conner Eldridge says Stephen Walker was sentenced Friday on one count of bank fraud. He pleaded guilty to the charge in November.
Court records indicate that Walker owned and operated a company that developed retail shopping centers. In March 2004, the company and others formed a company to build a shopping plaza in Broken Arrow, Oklahoma.
Walker entered a loan agreement with Arvest Bank in Rogers, Arkansas to fund the construction of the shopping plaza. In 2005, Walker withdrew $423,305 for work he claimed was completed on the project when in fact no work had been completed.
Walker was previously sentenced to 18 months in prison for tax evasion.