Former First NBC Bank CEO Ashton Ryan Jr. sentenced

PHOTO: CityBusiness file photo.

A federal judge has sentenced founder and former CEO of First NBC Bank Ashton Ryan Jr. to 14 years in prison.

He was convicted of multiple counts of bank fraud, conspiracy and other charges on the heels of the 2017 collapse of the New Orleans bank.

Ryan was ordered to pay $214 million in restitution, according to reports.

U.S. District Judge Eldon Fallon delivered the sentence, which was seven months after Ryan was found guilty of 46 charges.

The charges were due to bad loans issued to businessmen. Prosecutors alleged these loans prompted the largest bank failure in state history.

In 2017, First NBC Bank Holding Co. announced he was no longer leading the bank he founded a decade prior. The company had assets of over $3.6 billion. Then Whitney Bank, a subsidiary of Hancock Holding Co., purchased about $1.3 billion in loans and nine branches from embattled First NBC Bank as it tried to shore up its financing.

The 75-year-old former New Orleans banker must report to federal prison by November 6. The verdict came after a trial that lasted four weeks.

A 2017 report outlined the rise and fall of First NBC Bank.

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