A federal grand jury in the Western District of Oklahoma indicted Shaun U. Christian, 57, of Lindsay, Oklahoma, on Apr. 8 for conspiracy to commit bank fraud, bank fraud, and money laundering related to the collapse of First National Bank of Lindsay.
The charges are significant because they involve alleged fraudulent activities that contributed to the failure of a local financial institution. The indictment outlines accusations against Christian and Danny Seibel, the former president and CEO of First National Bank of Lindsay (FNBL), alleging they submitted false information for multiple loans in 2021.
According to court documents, Seibel is also accused of manipulating FNBL’s records to hide overdrafts and past-due balances in Christian’s accounts. This allowed additional funds to be extended to Christian until shortly before FNBL failed in October 2024. The indictment further alleges that Christian laundered proceeds from the scheme through various personal expenses.
Christian faces one count of conspiracy to commit bank fraud, four counts of bank fraud, and three counts of money laundering. Each conspiracy or bank fraud count carries a maximum penalty of 30 years in prison if convicted; each money laundering count carries up to ten years.
Seibel was previously charged on Dec. 3, 2025 with similar offenses including conspiracy to commit bank fraud as well as making false entries in banking records and obstructing an examination by regulators. If convicted on all counts, Seibel could face significant prison time: up to thirty years per major offense plus additional penalties for obstruction and anti-money laundering violations.
The investigation involved several agencies: the Federal Deposit Insurance Corporation Office of Inspector General; Federal Housing Finance Agency Office of Inspector General; FBI Oklahoma City Field Office; and IRS Criminal Investigation division. Assistant U.S. Attorneys Julia E. Barry and Jackson D. Eldridge are prosecuting alongside Trial Attorneys Mark Goldberg, Elysa Q. Wan, and J. Ryan McLaren from the Department of Justice’s Money Laundering section.
Officials emphasized that an indictment is only an allegation at this stage: “All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.”
