WALTON, Ky. (LEX 18) — A northern Kentucky businessman has been indicted on a charge of bank fraud.
53 year-old Joseph Shockey was the president of Republic Capital Corporation, a business that sold used semi-trucks and trailers in Walton.
He is accused of obtaining a line of credit for $500,000 from Stock Yards Bank and Trust, while failing to disclose that he had been ordered to pay $579,000 to settle a lawsuit in Utah which alleges fraud and embezzlement.
Investigators say he later defaulted on the line of credit.
Shockey now faces up to 30 years in prison if convicted.
He could also be ordered to repay nearly $450,000 to settle the defaulted loan.