SHERMAN, Texas (AP) - An ex-loan officer in North Texas has been sentenced to 10 years in prison and must repay nearly $2.2 million in a fake documents and bogus borrowers scam.

Federal prosecutors on Thursday announced the penalty for 38-year-old Michael Shelley of Sherman. Shelley last July pleaded guilty to bank fraud.

Shelley, who was sentenced Feb. 7, worked for Lone Star Agricultural Credit Association in Sherman during 2016 and 2017. Investigators say Shelley created fraudulent loans, without the credit union's knowledge or authorization, at negative and below-market interest rates and terms.

The scheme involved more than two dozen bogus loans, fictitious customers and unauthorized transfers of nearly $9 million in association funds.

Sherman is 55 miles (88.51 kilometers) north of Dallas.

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