Glenn A. Railsback III sentenced to 7 years for defrauding trust

    6:27 PM, May 13, 2011   |    comments
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    LITTLE ROCK, Ark. (AP) -- A federal judge has sentenced a Pine Bluff man accused of wire fraud and money laundering to seven years in prison.

    U.S. District Judge James Moody also on Friday ordered Glenn A. Railsback III to pay $2.9 million in restitution.

    Railsback was indicted on wire fraud and money laundering counts. He allegedly defrauded beneficiaries of a trust for which he prepared tax returns.

    Prosecutors say the trust originally was funded by shares of stock in Standard Oil Co., which later became Exxon Mobil Corp. Railsback gained possession of the shares and opened an account with SalomonSmithBarney.

    Prosecutors say he wrote checks out of the account to himself and checks which were deposited into bank accounts under his control.

    Railsback's attorney, Charles Banks, didn't immediately return a call seeking comment.

    (Copyright 2011 by The Associated Press. All Rights Reserved.)

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