UPDATE:Former Ripley banker sentenced

OXFORD – Tammy Moffitt will spend 51 months in prison and five years of supervised probation upon release for defrauding Regions Bank in Ripley.

She will have to make restitution for $1 million starting with $60,000 to the bank.

Today, the former bank executive was sentenced in U.S. District Court by Chief Judge Michael P. Mills.

Moffitt was scheduled to go to trial in mid-2008 after she was indicted on 43 counts she used customers’ names and social security numbers to take out fake loans in their names.

The indictment claims she took out 21 loans totaling more than $1.2 million from 2003 to 2006.

But before a trial could begin, she agreed to plead guilty.

If convicted on all counts, she faced 75 years in prison, $2.25 million in fines, full restitution to the bank and 15 years’ supervised probation.

Read Friday’s Daily Journal for more information.

Patsy R. Brumfield/Daily Journal