Former Kingfisher bank VP pleads guilty to federal charges in fake loan scheme
OKLAHOMA CITY (KFOR) — A former Kingfisher bank executive pleaded guilty in federal court Thursday to charges of defrauding his own bank out of nearly $900,000, in what prosecutors described as a years-long scheme, taking out fraudulent loans and setting up fake accounts using bank customers' personal information.
Timothy Abercrombie, the former vice president of Interbank's Kingfisher branch, entered a guilty plea to federal bank fraud charges during a hearing at the U.S. District Court in Oklahoma City Thursday morning.
According to federal court documents, Abercrombie began the scheme in May 2019 while working as a loan officer at the bank.
Prosecutors say he used his access to customer accounts and personal information to create fake loans and checking accounts in those customers' names, without their knowledge.
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Investigators said Abercrombie submitted fake loan applications to the bank's loan department by pretending to be those customers.
In each case, he requested the loan be issued via a cashier's check rather than deposited into an actual account.
He then deposited those cashier's checks into fraudulent checking accounts he had created using the customers' names—accounts only he controlled.
Prosecutors say he used debit cards attached to those fake accounts to withdraw the money from ATMs throughout the Oklahoma City area.
To keep the scheme hidden, investigators say Abercrombie made 'interest only' payments on the loans, allowing the fraud to go undetected for five years.
By the time it was discovered, investigators say he had stolen $883,075.66.
They say he spent the money entirely for personal benefit.
Authorities in Kingfisher County also allege Abercrombie committed a separate fraud during that time.
He was arrested nearly one year ago for embezzlement, accused of taking more than $18,000 from the Kingfisher Winter Nights Festival's accounts.
That case is still pending in state court.
If convicted in that case, he could face up to eight years in prison and a $10,000 fine.
His federal charge of bank fraud carries a maximum penalty of 30 years in federal prison and a $1 million fine.
As part of his plea agreement, Abercrombie agreed to forfeit all money and assets he gained through the scheme.
Federal prosecutors have agreed to request a lighter sentence in exchange for his guilty plea.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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