A federal grand jury in the Western District of Oklahoma has indicted Danny Seibel, the former President and Chief Executive Officer of the First National Bank of Lindsay, on charges related to bank fraud. Seibel, 54, from Lindsay, Oklahoma, is accused of conspiracy to commit bank fraud, making false entries in financial records, obstructing a financial institution examination, and failing to implement an anti-money laundering program.
According to the indictment, Seibel served as President and CEO from February 2007 until his termination in September 2024. He also held other management roles at the bank during that period. The indictment alleges that Seibel arranged for loans to be issued to certain customers—many of whom were personal friends and neighbors—that were never repaid. He is further accused of manipulating records and falsifying reports to overstate loan performance by using new loans or transferring bank funds to cover overdrafts.
The indictment states that Seibel altered bank records to hide these activities from both the Office of the Comptroller of the Currency (OCC), which regulated the bank, and from its Board of Directors. During an OCC onsite examination in summer 2024, Seibel allegedly provided staff with a false document concealing hundreds of changes made to loan data. The indictment also claims he failed to implement an anti-money laundering program as required by law and did not file suspicious activity reports about his own scheme. Additionally, he reportedly advised customers on how to structure cash deposits below $10,000 to avoid reporting requirements.
The OCC appointed a receiver for First National Bank of Lindsay in October 2024.
If convicted on all counts, Seibel could face up to 30 years in federal prison and a fine up to $1 million.
Acting Assistant Attorney General Matthew R. Galeotti stated: “Making the announcement today are Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division; U.S. Attorney Robert J. Troester for the Western District of Oklahoma; Acting Special Agent in Charge Joseph Melle of the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG); Special Agent in Charge Doug Goodwater of the Federal Bureau of Investigation (FBI) Oklahoma City Field Office; Special Agent in Charge Christopher Altemus of the Internal Revenue Service – Criminal Investigations (IRS-CI); and Special Agent in Charge Korey Brinkman of the Federal Housing Finance Agency Office of the Inspector General (FHFA-OIG).”
Investigations are being conducted by FDIC-OIG, FBI, IRS-CI and FHFA-OIG.
Western District Assistant U.S. Attorneys Julia E. Barry and Jackson D. Eldridge are prosecuting along with Trial Attorneys Mark Goldberg, Ryan McLaren, and Elysa Wan from the Justice Department’s Money Laundering, Narcotics and Forfeiture Section.
The announcement emphasizes: “An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.”