Kinmundy Man Pleads Guilty to Bank Fraud

A 75-year-old Kinmundy man has pled guilty to five counts of bank fraud.

Alfred L. Cross, originally from Mattoon, was indicted for defrauding seven downstate banks out of more than $500,000.

In pleading guilty, Cross admitted that he opened checking accounts at Midland States Bank and Washington Savings Bank, both in Effingham, as well as Bradford National Bank in Greenville, Community First Bank of the Heartland in Mt. Vernon, Farmers and Merchants National Bank in Nashville, First Southern Bank in Carbondale and State Bank of Whittington in Benton.

After these accounts had been open for a short period of time, Cross deposited into each of the accounts very large checks, ranging from more than $18,000 to $148,000. The checks were drawn on out-of-state bank acounts in the names of businesses that Cross controlled. Cross admitted that at the time he deposited the checks, he knew there were insufficient funds in the out-of-state accounts to cover the checks. Cross further admitted that before the checks could be returned for non-sufficient funds, he withdrew almost all of the funds he had deposited. Cross gave some of the funds to his relatives and used the remainder to pay for personal expenses. Cross conducted the scheme from April 2011 through March 2015.

Each of the bank fraud counts carries a maximum sentence of 30 years in prison and a fine of up to $1 million. The Court can also order Cross to pay restitution to the victim banks. Cross will be sentenced the morning of May 9 at the Federal Courthouse in East St. Louis.