First NBC founder and CEO, Ashton Ryan, and 3 others indicted for bank fraud, conspiracy

First NBC founder and CEO, Ashton Ryan, and 3 others indicted for bank fraud, conspiracy
The US Attorney’s office announces the indictment of First NBC bank’s founder and President Ashton Ryan. (Source: NOLA.com)

NEW ORLEANS, La. (WVUE) - The US Attorney’s office announces the indictment of First NBC bank’s founder and President Ashton Ryan.

Along with two other executives, Ryan faces 44 counts that include bank fraud charges. The charges are for incidents from 2006 to 2017. The New Orleans-based bank failure is one of the largest in United States history.

72-year-old Ashton J. Ryan, of Kenner, 70-year-old William Burnell, of Kenner, and 60-year-old Frank J. Adolph, of Kenner, and 60-year-old Robert Brad Calloway, of Metairie, were indicted today for defrauding First NBC Bank.

Ryan, Burnell, Calloway and Adolph allegedly conspired to defraud First NBC Bank through different schemes.

Burnell was the Chief Credit Officer and Calloway was Executive Vice President.

Adolph was a borrower at the bank who was charged with conspiring with the bank executives to obtain loans that were based on false statements and forged documents.

“The Indictment alleges that RYAN, BURNELL, CALLOWAY, ADOLPH, and others conspired to defraud First NBC Bank by disguising the true financial status of certain borrowers and their troubled loans, concealing the true financial condition of the Bank from the Board, auditors, and examiners,” the report from the U.S. Attorney’s Office said.

Copyright 2020 WVUE. All rights reserved.