Failed bank’s ex-lawyer charged with fraud conspiracy

March 22, 2019

NEW ORLEANS (AP) — A former lawyer for a failed New Orleans bank has been charged with conspiracy to commit bank fraud.

Gregory St. Angelo was charged Friday in a bill of information filed in federal court in New Orleans.

St. Angelo was general counsel for First NBC bank in New Orleans from the year it was founded in 2006 until 2016. Regulators seized First NBC in 2017 in the costliest bank failure since the 2008 financial crisis.

The bill of information outlines prosecutors’ allegations that St. Angelo and two bank officials conspired to enrich themselves using fraudulent documents and financial statements overstating St. Angelo’s financial health and the worth of business entities he controlled.

St. Angelo’s lawyer told The New Orleans Advocate his client is cooperating in the investigation. He declined further comment.