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Ark. man pleads guilty to money laundering, fraud - KTBS.com - Shreveport, LA News, Weather and Sports

Ark. man pleads guilty to money laundering, fraud

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A Mount Ida man has pleaded guilty to money laundering and wire fraud and prosecutors say he'll serve five years in prison followed by supervised release and must pay back more than $7 million in restitution.

But federal prosecutors said Wednesday that if 57-year-old Steven Alan Standridge paid back at least 80 percent of the restitution owed before he's sentenced, he could get a three-year prison sentence instead.

Standridge was accused of buying insurance policies as collateral for premium finance loans and then later canceling the policies or would never purchase the policies listed on the premium finance agreements.

The proceeds of those loans were ultimately paid to Standridge and were used for purposes other than those set out in the loan agreements, prosecutors alleged.

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