Former CorTrust branch manager sentenced to federal prison over loan scheme, ordered to repay $144,000 – Mitchell Republic
ABERDEEN — A former bank manager Leola will serve just under two years in prison and pay nearly $145,000 in restitution after taking advantage of a loan scheme.
Gabe Outtrim, 43, of Glenham, was manager of the Leola branch of CorTrust Bank for more than a decade, according to his LinkedIn.
In August 2021, Outtrim was indicted by a federal grand jury with bank fraud, alleging that between September 2018 and February 2019 he executed a scheme to knowingly defraud the bank.
As branch manager and vice president, Outtrim had the authority to approve loans up to $200,000 without having to send the loan application and supporting documentation to the bank’s loan committee for review and approval.
Outtrim made a nominee loan on behalf of an unknowing bank customer and used the loan proceeds for his benefit.
After an investigation by the Federal Bureau of Investigation, Outtrim pleaded guilty to the charge in December 2021.
On June 27, Outtrim was sentenced to 21 months in federal prison followed by 5 years of supervised release. He was also ordered to pay restitution to CorTrust Bank in the amount of $144,050.94, as well as pay a special assessment of $100 to the Federal Crime Victims Fund.
Outtrim was cleared to surrender no later than October 4, 2022.