FORT SMITH, Arkansas — A federal judge has ordered a fine of $5,000 but no prison time for a Fayetteville man who was indicted along with former northwest Arkansas developer Brandon Barber.
Brandon Rains pleaded guilty last year to lying to the FBI and Internal Revenue Service in its investigation of Barber. The Arkansas Democrat-Gazette reports (http://bit.ly/1x9h5tV ) that Rains was sentenced Thursday in federal court by U.S. District Judge P.K. Holmes III.
Rains apologized in court for his actions.
Last week, Barber was sentenced to 65 months in prison after pleading guilty to bank fraud, bankruptcy fraud and money laundering. Federal prosecutors had accused Barber of concealing his assets and income after he filed for bankruptcy, as well as defrauding banks for loans to finance real estate projects.
Information from: Arkansas Democrat-Gazette, http://www.arkansasonline.com
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