Lindsay man pleads guilty to bank fraud and money laundering in failed bank

Shaun U. Christian, 57, of Lindsay, has pleaded guilty to conspiring to commit bank fraud and to money laundering in connection with the now-defunct First National Bank of Lindsay (FNBL).
That’s the word from U.S. Attorney Robert J. Troester.
According to court documents, Christian and FNBL’s former president and CEO, Danny Seibel, submitted false information in connection with multiple loans in 2021.
Court records allege that Seibel also manipulated bank records related to Christian’s accounts to conceal overdrafts and past-due balances, allowing additional funds to be extended to Christian.
The alleged scheme continued until shortly before FNBL failed in October 2024.
A federal grand jury charged Christian with conspiring to commit bank fraud and with money laundering April 7 of this year.
Christian pleaded guilty September 24 and admitted that he conspired with Seibel to enrich himself and his businesses while allowing Seibel to maintain his position and stature in the community, as well as his salary, by concealing FNBL’s true financial condition.
Christian also admitted to laundering some of the resulting proceeds. Seibel pleaded guilty to one count of bank fraud May 6.
At sentencing, both Christian and Seibel face up to 30 years in federal prison and a fine of up to $1 million each.
This case is the result of an investigation by the Federal Deposit Insurance Corporation Office of Inspector General, Federal Housing Finance Agency Office of Inspector General, FBI Oklahoma City Field Office – Norman Resident Agency and IRS Criminal Investigation.
Assistant U.S. Attorneys Julia E. Barry and Jackson D. Eldridge for the Western District of Oklahoma and Trial Attorneys Mark Goldberg, Elysa Q. Wan, and J. Ryan McLaren of the Criminal Division’s Money Laundering, Narcotics and Forfeiture Section’s Bank Integrity Unit are prosecuting the case.