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Mitchell Cited in Bank Fraud Case

Robert E. Boczkiewicz Published: July 31, 1992

DENVER - Dale E. Mitchell, once a prominent Oklahoma banker, received $141,000 in return for extending a $2.3 million loan to a Colorado banker by the now-defunct Citizens National Bank, federal prosecutors in Denver claim.

The allegation is contained in criminal charges filed this week in Denver against Stanley G. Miles II. Mitchell has not been charged.

Miles is former owner of a suburban Denver bank. The charge is filed under a federal bank bribery law.

The charge filed this week against Miles says he "corruptly gave" a $141,000 loan to Mitchell on Nov. 6, 1985. Had he not made the loan to Mitchell, Citizens Bank would not have granted an extension on the $2.3 million loan, the charge says.

The prosecutor overseeing the case said the law applies to people who receive illegal payments, as well as those who make such payments. He would not say whether Mitchell violated the law.

The charge does not specify whether the loan to Mitchell was ever repaid.

The U.S. attorney's office in Denver, in a written press statement, said more people are expected to be charged "in the near future" as the investigation continues. Assistant U.S. Attorney William R. Lucero would not say whether Mitchell is among those who will be charged.

"I don't mean to imply there's a case against Mr. Mitchell here, but the statute (against payments to influence bank loans) works both ways," Lucero said. "There may be complications for others, but we've been focusing on the other end of the deal. " Lucero would not say whether there may be a case against Mitchell in Oklahoma where, prosecutors allege, he received an illegal payment. A federal grand jury in Oklahoma City has been investigating Mitchell's activities. Timothy A. Baker, one of Mitchell's banking associates, was acquitted last year of federal bank fraud charges.

Mitchell could not be reached for comment.

Citizens was declared insolvent in 1986. Mitchell, the bank's chairman and chief executive officer, and Baker, who was vice chairman of the board of directors, agreed to be banned from banking after the U.S. Comptroller of the Currency said the two arranged loans that were concealed from the bank's board and officers.

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