Ex-Ark., Okla. developer sentenced for bank fraud

FAYETTEVILLE, Ark. (AP) - A former developer of shopping centers in Arkansas and Oklahoma has been sentenced to more than three years in prison for bank fraud.

A federal prosecutor says 46-year-old Stephen Walker of Hot Springs was sentenced to 41 months in prison Friday by a federal judge in Fayetteville. Walker had pleaded guilty to the charge last November.

U.S. Attorney Conner Eldridge says Walker received a loan from Arvest Bank in Rogers in 2004 to fund development of a shopping center in Broken Arrow, Okla., but later transferred some of the loan funds to pay for unrelated construction work that he owed to a contractor.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.