A Blanchard, Oklahoma, man has been handed a 40-month federal prison sentence for his role in a bank fraud scheme. The release states that 61-year-old Jerry Wayne Noles, the former managing partner of Coil Chem LLC, admitted to diverting $250,000 from the company’s line of credit to help pay for the construction of his home, according to a press release from the U.S. Attorney's Office.
Noles was initially charged on September 9, 2024, with an Amended Information for conspiracy to commit bank fraud. In an attempt to quite boldly cover up his deception, he then secured a separate $1.2 million home construction loan from First National Bank, even though he had previously used the company's funds for the same purpose. This detail was brought to light by the U.S. Attorney’s Office upon sentencing.
The announcement by U.S. Attorney Robert J. Troester detailed the background of Noles' case, including his role in Coil Chem and the fraudulent activity that led to the charge. By the wrongdoing, Noles pleaded guilty to conspiracy and conceded to having conspired "to divert $250,000 from Coil Chem’s revolving line of credit to fund construction of his personal home," as directly quoted from the press release, the U.S. Attorney’s Office.
According to the U.S. Attorney’s Office, during the sentencing hearing last Wednesday, U.S. District Judge Jodi W. Dishman emphasized the need to deter others from attempting to exploit the financial system in a similar way. Dishman highlighted that Noles was motivated by "greed and deception" and noted the personal benefit he gained from the scheme. In addition to prison time, Noles was also sentenced to two years of supervised release and ordered to pay restitution totaling $50,498.62.
This conviction is the culmination of an investigative effort led by the FBI Oklahoma City Field Office, with Assistant U.S. Attorney Julia E. Barry prosecuting the case.
