Nebraska man ordered to pay just over $500,000 for bank fraud

LINCOLN, Neb. (KLKN) – A Nebraska man was sentenced Wednesday on bank fraud charges, according to a press release from acting U.S Attorney Susan Lehr.

Nolan Balfour of Nehawka was sentenced in federal court to 30 days in prison for bank fraud.

He is also required to pay $500,205.93 in restitution to First Nebraska Bank.

In 2013, Balfour and his wife signed a promissory note for $1,160,000 with First Nebraska Bank.

The five-year loan was renewable annually and was intended to finance his farming operations.

On Jan. 27, 2017, Balfour’s financial statement for 2016 overstated his assets in terms of crops harvested and livestock in possession.

But in 2018 he filed for bankruptcy and admitted to inflating the numbers.

Balfour said he knew the bank would rely on the statement in deciding whether to renew his loan.

The bank said the misrepresentations resulted in an economic loss as a result.

There is no parole in the federal system. After Balfour’s release from prison, he will begin a five-year term of supervised release.