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Bank Fraud Suspect Agrees to $100K Restitution

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MITCHELL – A man accused of defrauding a Mitchell bank has agreed to pay $100,000 in restitution in a deal with prosecutors to avoid prosecution.

William Weier was accused of selling vehicles he purchased with a loan from First National Bank South Dakota but not giving any of the proceeds back to the bank. A federal grand jury indicted him in January 2012 for bank fraud.

The Daily Republic newspaper reports Weier has reached an agreement with prosecutors known as a pretrial diversion that involves the referral of a suspect to rehabilitation or restitution rather than prosecution.

Weier could have faced up to 30 years in prison and a $1 million fine had he been prosecuted and convicted. He will not be prosecuted if he successfully completes six months of supervision.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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