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Published November 21, 2012, 08:47 AM

Minot bank loan officer says he will plead guilty

MINOT, N.D. (AP) — A Minot bank loan officer accused in a scheme to help companies obtain millions of dollars in bogus loans says he will plead guilty.

MINOT, N.D. (AP) — A Minot bank loan officer accused in a scheme to help companies obtain millions of dollars in bogus loans says he will plead guilty.

Howard Palmer is charged in federal court with 22 counts, including bank fraud and false statements. A plea agreement filed Tuesday calls for him to plead guilty to two counts.

Authorities say the 57-year-old Palmer lied to a committee about various loan applications, including a $2.5 million loan for a Florida company involved in the sale of automobiles and automobile parts.

Palmer was a loan officer and vice president for the Minot branch of American State Bank and Trust of Dickinson. Defense attorney Ryan Sandberg has said his client did not benefit personally or professionally from the loans.

Palmer faces a maximum penalty of 30 years in prison and a $1 million fine.

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