UPDATE 2: gannett / the town talk: "owner of southern funding mortgage in alexandria faces fraud charges."
UPDATE: u.s. attorney donald w. washington: "very serious charges...bank fraud statute carries a maximum penalty of a million dollar fine and up to thirty years in prison." ~ link
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gannett / the town talk is reporting that bill nichols appeared in federal court today to begin answering charges of bank fraud and conspiracy to commit bank fraud against sabine state bank.
the town talk says that mr. nichols will remain in federal custody until at least 04 august 2009 when he is scheduled to be arraigned as well as have a detention hearing by the federal court at shreveport, la. ~ source
