MONTGOMERY, Ala. (AP) -- Federal prosecutors say a Prattville man has pleaded guilty to bank fraud of nearly $2 million.
The U.S. attorney's office in Montgomery said Wednesday 44-year-old Brooks L. Lazenby pleaded guilty to a felony information charge.
Prosecutors say Lazenby owned Brooks Lazenby Builders in Prattville and had bank accounts at three different banks. Prosecutors say that between April and December 2008, Lazenby "kited" checks between the accounts, or continuously drew an insufficient funds check on one account and deposited it in another, giving the banks the false impression that the accounts had significant balances.
That created an involuntary overdraft loan to his company of approximately $1,887,205.
Lazenby faces a maximum of 30 years in prison when he is sentenced later this year. He was released Wednesday on $25,000 bond pending sentencing.