LITTLE ROCK — The former head of multiple insurance agencies has been indicted on federal money laundering and bank fraud charges.

According to a release from the U.S. Attorney's Office, Eastern District of Arkansas, Steven Alan Standridge, 55, was brought in on 12 total counts. The Mount Ida native is charged with one count of conspiracy to commit bank fraud, four counts of aiding and abetting bank fraud, one count of bank fraud, five counts of money laundering and one count of making a false statement to a financial institution.

Two additional men related to this case, Danny Wood of Idabel, Okla., and Gregory A. Hunt of Russellville, provided information leading to this indictment. Both pleaded guilty to aiding and abetting bank fraud. Wood received 30 months, while Hunt's sentencing date has yet to be scheduled.

In the indictment, Standridge is alleged to have conspired with Wood and Hunt to commit bank fraud and as part of the conspiracy, Standridge arranged for the companies Wood and Hunt ran to receive premium finance loans.

Standridge would either purchase insurance policies as collateral, then cancel them, or never purchase them listed on the finance agreements. The proceeds would then go to Standridge.

If convicted, Standridge could face a total of 40 years in prison and a $1.25 million dollar fine.