Federal court records indicate a second guilty plea has been made in connection with financial wrongdoing at the shuttered Country Bank in Aledo. Andrew Frye has entered a guilty plea to the federal offense of “offer for procurement of federal reserve bank loan”. The count alleges he served as a loan officer of Country Bank and had half ownership interest in a company called Webgem, Inc, which provided management and accounting services. His father, Dana Frye, owned the other half of Webgem. The federal complaint contends the younger Frye “knowingly and willfully received payment of $15,375 from the account of Country Bank customer Fyre Lake Ventures.” The count further contends Fyre Lake Ventures had no revenue and its primary source of funds were loans that had been extended from Country Bank, with the assistance of Frye. The U.S. Attorney’s office says the $15,375 called an Investor Liaison Payment, was made at the direction of Dana Frye, who held an undisclosed interest in Fyre Lake Ventures and was also chief lending officer at Country Bank. Dana Frye has pleaded guilty to making false statements to the bank and will be sentenced February 26th, where he faces up to five years in prison. Andrew Frye has paid $15,375 in restitution in his case with further sentencing also set for February 26th.
