Jake Butcher pleaded guilty to more charges.
The Tennessee financier, still facing bankruptcy after the collapse of his two-state banking empire, pleaded guilty in U.S. District Court in London, Ky., to a third series of bank fraud charges. Butcher, who previously entered guilty pleas before federal judges in Tennessee, had been accused in Kentucky of defrauding former United American Banks in Lexington and Somerset by siphoning off $4.2 million for business and personal expenses. Under an agreement with federal prosecutors, Butcher pleaded guilty to three counts of bank fraud and one count of conspiracy. Other charges of wire fraud and mail fraud were dropped.
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