Former Cecil Bank President Pleads Guilty To Federal Charges Stemming From Straw Purchase Of Home

RISING SUN, Md. (WJZ) -- The former president and CEO of Cecil Bank pleaded guilty Friday to multiple federal charges stemming from a straw purchase of a home the bank had foreclosed on, the justice department said.

Mary Beyer Halsey, 59, of Rising Sun, pleaded guilty to charges of conspiracy to commit bank fraud, receipt of a bribe by a bank official and false statement in bank records.

According to the justice department, Halsey agreed to give a real estate development company a $500,000 line of credit from the bank in 2012 if one of its employees, 36-year-old Daniel Whitehurst of Bel Air, would purchase a foreclosed home for her. She and the bank later approved a $650,000 line of credit for Whitehurst and a separate $500,000 line of credit for his business partner.

Later that year, Whitehurst closed on the home for $150,000, around half of the home's assessed value of $295,000. The bank lost around $145,000 in the deal, officials said.

Halsey faces up to 30 years in prison for each charge when she's sentenced in November.

Whitehurst pleaded guilty to a federal mail fraud charge in 2018; sentencing in his case hasn't been set. He faces up to 30 years in prison.

Read more
f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.