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Bank Officer Pleads Guilty

Bank Officer Pleads Guilty

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(Salt Lake City-AP) -- A bank loan officer has pleaded guilty in a scam that involved ticket scalping at the 2002 Winter Olympics.

Troy Stringham, a former Provo loan officer, reached a plea deal with federal prosecutors. He admitted to a single charge of bank fraud.

Prosecutors say his scam involved approving phony loan applications and artificially inflating the value of vehicles offered as collateral.

That money was used to buy tickets to Olympic events, which in turn were sold by ticket scalpers.

He'll be sentenced later and could get a fine of up to one (M)million dollars and prison time.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

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