Acting United States Attorney Susan Lehr announced that Nolan Balfour, 34, of Nehawka, Nebraska, was sentenced on November 8, 2023, in federal court in Omaha, Nebraska for bank fraud. United States District Court Judge Brian C. Buescher sentenced Balfour to 30 days’ imprisonment. There is no parole in the federal system. After Balfour’s release from prison, he will begin a 5-year term of supervised release. As part of his sentence, Balfour was ordered to pay $500,205.93 in restitution to First Nebraska Bank.
On March 4, 2013, Balfour and his wife signed a Promissory Note with First Nebraska Bank for the amount of $1,160,000. The note was a 5-year commitment and was renewable annually. On March 11, 2016, this note was modified. The purpose of this note was to finance Balfour’s farming operations in the Nehawka, Nebraska area. In 2014, Balfour began having shortfalls and was having trouble with his loan. On January 10, 2017, Balfour submitted a financial statement to First Nebraska Bank for Fiscal Year 2016. In this financial statement, Balfour overstated his assets, specifically, the amount of corn and soybean that had been harvested and the heads of livestock that he had on hand. Balfour signed this balance sheet stating that it was true and correct when he knew that the information contained in this financial statement was not true and correct. Balfour knew that this financial statement was going to be relied upon by First Nebraska Bank in deciding whether or not to renew his loan. In 2018, Balfour filed for bankruptcy and, during the bankruptcy proceedings, admitted that this financial statement was false and that he knew it would be relied upon by First Nebraska Bank. First Nebraska Bank suffered an economic loss as a result of Balfour’s misrepresentations. First Nebraska Bank’s deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”).
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