Roanoke, Va. (AP) - The former vice president of a Rocky Mountain timber company faces up to five years in prison for stealing nearly $1.9 million from the company's lender and an undetermined amount from a subsequent employer.
According to published media reports, Matthew Ayers Lester, 37 of Roanoke County pleaded guilty Friday to bank fraud and wire fraud. He will be sentenced in September in federal court in Roanoke.
Lester worked for International Log & Timber LLC from 2005 to 2009. Prosecutors say he submitted false reports about the company's assets to obtain money from its commercial lender, SunTrust Bank.
Lester later went to work for another company in Christiansburg, where he borrowed $15,000 from a customer and repaid part of the loan by giving discounts he was not authorized to offer.