Magazine article American Banker

Unable to Elude FBI or Raise Bail, Penn Square Exec Winds Up in Jail

Magazine article American Banker

Unable to Elude FBI or Raise Bail, Penn Square Exec Winds Up in Jail

Article excerpt

OKLAHOMA CITY -- A former Penn Square Bank assistant vice president who led FBI agents on a chase was jailed after he was unable to post $40,000 bail.

Clark Long, 30, was brought before U.S. Magistrate Paul Lindsey on Monday for a bond hearing in connection with an eight-count indictment returned against him last Thursday by a federal grand jury investigating the July 1982 collapse of Penn Square Bank NA.

Mr. Long pleaded innocent on all counts. He is accused of self dealing and lending $445,225 in which he had an interest. He is also alleged to have forged mortgage documents that he presented to Federal Bureau of Investigation agents in January.

Calling Mr. Long "a high flight risk," Theresa Black, an assistant U.S. attorney, requested bail of $75,000. She said that Mr. Long hid after the indictment was issued, possibly shielded by relatives, and then on Saturday night led FBI agents on a short chase at speeds of up to 50 miles per hour in the residential streets of the exclusive Nichols Hills area. …

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