Former Voyager Bank CEO Sentenced To 18 Months

MINNEAPOLIS (WCCO) -- A U.S. District Court judge sentenced he former CEO of Voyager Bank and Voyager Financial Services to 18 months in prison Wednesday for obstructing an examination by the Federal Reserve.

Timothy Owens, 55, was indicted for the crime on December 15, 2014 and pleaded guilty on July 30, 2015.

Prosecutors say federal investigators were looking into loans issued by the bank directly to Owens. Court documents show in July 2009 the Federal Reserve Board asked the bank's board of directors to submit documentation showing Owens' loans were consistent with bank policies. Attorneys say Owens received the request from the Federal Reserve Board but did not forward it to the bank's board of directors, secretly preparing his own response to investigators that was "false and misleading."

After serving his sentence, court documents say Owens will have two years of supervised release.