Oregon man guilty in bank fraud scheme

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EUGENE, Ore. (AP) -- A 64-year-old Roseburg, Ore., man has pleaded guilty to carrying out a check fraud scheme that caused two banks to lose $3 million.

Federal prosecutors say David Gilbert pleaded guilty Wednesday to conspiracy to commit bank fraud.

Gilbert admitted to kiting more than 500 checks in December 2008 totaling more than $18 million. The scheme involved transferring money between two or more banks in order to obtain credit from a bank during the time it takes checks to clear.

He faces a maximum penalty of five years in prison when sentenced on Jan. 18.