A former Colorado banker was sentenced Wednesday to two years work release followed by 10 years probation in connection with his guilty plea to charges of felony theft, the Greeley Tribune reported.

Fred Allison, 42, was sentenced to jail Wednesday, reports said. The court granted Allison the option of work release to earn and repay the $9,000 he was convicted of stealing from a Colorado woman, according to media reports. Allison will also be on probation for 10 years after his work release sentence is over, reports said.

The Federal Deposit Insurance Corp. last month banned Allison from working in the bank industry ever again, the Tribune reported.

At his sentencing hearing Wednesday morning, Allison apologized to Rhonda Lesh, from whom Allison got a mortgage loan and never repaid, according to reports.

Lesh, who owns Lesh Mortgage Lending in Greeley, was a customer of New Frontier Bank, where Allison was vice president and a loan officer, reports said. Days after the loan, Allison was fired from New Frontier, according to reports.

If Allison doesn’t comply with the conditions of the work release program, including maintaining employment, he will remain in the Weld County Jail for two years, reports said.

If Allison violates his probation, his case will come back before the court, and he’ll be eligible for an open sentence, including up to six years in the Department of Corrections, according to the Tribune.

Allison pleaded guilty in October to a felony charge of theft between $500 and $15,000, media reports said.

***

Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
It's not too late to join us for Connect Now today. Participate in workshops, networking and more.REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription