Bank Fraud Suspect Agrees to $100K Restitution

MITCHELL - A man accused of defrauding a Mitchell bank has agreed to pay $100,000 in restitution in a deal with prosecutors to avoid prosecution.

William Weier was accused of selling vehicles he purchased with a loan from First National Bank South Dakota but not giving any of the proceeds back to the bank. A federal grand jury indicted him in January 2012 for bank fraud.

The Daily Republic newspaper reports Weier has reached an agreement with prosecutors known as a pretrial diversion that involves the referral of a suspect to rehabilitation or restitution rather than prosecution.

Weier could have faced up to 30 years in prison and a $1 million fine had he been prosecuted and convicted. He will not be prosecuted if he successfully completes six months of supervision.

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