Ballard pleaded guilty to conspiracy to commit bank fraud and bribery, and income tax evasion. He was sentenced to serve two and a half years in federal prison, followed by three years of supervised release. He is to pay restitution of $1 million.
Mitchell pleaded guilty to conspiring to commit bank fraud and bribery. He was sentenced to five years in prison, followed by three years of supervised release. Mitchell is to pay $5.6 million in restitution and a $250,000 fine.
Foster, who pleaded guilty to securities fraud, was sentenced to three years of probation and 120 hours of community service.
“Today’s sentencing confirms that those who undermine the integrity of the financial system will be brought to justice and held accountable for their crimes,” Fred W. Gibson, Jr., acting Inspector General of the Federal Deposit Insurance Corporation, said in a statement.