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Benton, Illinois - Richard Pigg, a former vice president and loan officer for the Community First Bank of the Heartland in Mount Vernon, has been handed a 12-year prison sentence for his involvement in numerous bank fraud and arson cases.

Key Points

• Pigg, 53, who now resides in Texas but lived in Mount Vernon, Illinois during the period of the crimes (May 2011 to December 2016), admitted guilt in April to six bank fraud counts and three arson instances.
• The presiding judge at the sentencing remarked on the dual nature of Pigg's character, comparing him to "Jekyll and Hyde." Despite Pigg presenting letters showcasing his charitable actions, the judge criticized him for causing significant harm and devastation through his fraudulent activities.
• Exploiting his roles, Pigg swindled over $600,000 from CFBH, utilizing the funds to acquire investment properties and cover personal costs.
• Court papers disclosed Pigg's modus operandi: He lured bank patrons to purchase rental properties located in Centralia, Mount Vernon, Murphysboro, and West Frankfort, with mortgages financed through CFBH. All the while, Pigg concealed his financial interests from the bank.
• Pigg falsely promised victims that he would be responsible for tenant acquisition, rent collection, and property upkeep.
• There were instances where, without the knowledge or approval of the victims, Pigg inflated the mortgage loan amount, pocketing the surplus.
• Pigg's criminal actions extended to arson. Hoping to leverage insurance payments to clear bank debts, he set multiple properties alight. Notably, a Centralia property experienced fires twice within a month in 2016. Furthermore, a rental apartment complex in West Frankfort was torched by Pigg shortly after updating one insurance plan and procuring another.
• Due to the Truth in Sentencing guidelines, Pigg will be required to complete a minimum of 85% of his sentence. Post-incarceration, he will be on supervised release for three years.

As the sentence imposed in this case clearly indicates, the investigation and prosecution of crimes of arson remains a priority for ATF and the United States Attorney. The criminal use of fire, whether to conceal crime, intimidate, or defraud others, places lives and property at great risk and endangers those who selflessly respond, day or night or extinguish the flames,” ~ Bernard Hansen, Special Agent in Charge, Bureau of Alcohol, Tobacco, Firearms and Explosives, Kansas City Field Division.