A former Nebraska financial advisor convicted in a major loan fraud has been ordered to pay over $37 million in restitution to 14 banks.
Jesse T. Hill was sentenced to five years in prison last year after pleading guilty to conspiracy to commit bank fraud. On Friday, a U.S. District Court judge in Nebraska ordered him to make restitution. The court also has ordered Hill to forfeit his interest in a Puerto Rico property, an aircraft and a Charles Schwab account, the document shows.
Hill, a church board member and Sunday school teacher, reportedly was involved in a scheme to secure $45 million in loans from 19 financial institutions.
Nebraska Examiner reported that Hill accompanied Lincoln real estate investor Aaron Marshbanks in making loan applications and offered phony documents showing adequate collateral. The fraud came to light after Marshbanks was found dead in his car from a drug overdose in November 2022, the publication reported.
In 2018, Nebraska ordered Hill to pay $7,500 for selling unregistered securities and acting as an investment advisor without registration, his Financial Industry Regulatory Authority BrokerCheck record shows. He had been registered as a broker for less than a year in 2012 and 2013.
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