Archer sentenced to 8 years in prison
Posted on Wednesday, August 20, 2008
BENTONVILLE — A Rogers attorney was sentenced to eight years in prison Monday after pleading guilty to stealing money.
Eric Dean Archer, 37, pleaded guilty to theft of property, a class B felony. Circuit Judge Tom Keith sentenced Archer to eight years in the Arkansas Department of Correction.
The case stems from Archer’s arrest in 2004 after an Arvest Bank official reported Archer owed the bank $ 28, 333. 81 for insufficient funds on checks he deposited into his account.
According to court documents, Archer wrote several checks on his E-Trade bank account, which had insufficient funds at the time, and deposited the checks into his Arvest checking account. He then had funds electronically transferred to an E-brokerage account the same day, thereby fraudulently obtaining in excess of $ 20, 000 from Arvest when he had a negative balance of $ 100 in the E-Trade bank account, court documents state.
Prosecutors originally agreed to divert the case, and Archer had to pay $ 13, 686. 67 in victim restitution to the bank.
Archer’s diversion was revoked after he was arrested May 18, 2007, in Tunica, Miss., after a police investigation of a theft complaint from two of Archer’s clients.
Carol Fountain and her son Charles Fountain told police their 2005 federal tax returns — and payments — never reached the Internal Revenue Service.
Archer told the pair someone embezzled $ 300, 000 from his business, including the Fountains’ money, and an insurance company was investigating. But Archer never filed a report with Rogers police.
Authorities said Archer told clients to make out checks to him for tax payments to the IRS.
Instead, police said, the checks were deposited into Archer’s private accounts. An affidavit filed when Archer was charged showed 89 transactions to businesses, including fast-food restaurants, Wal-Mart, liquor stores, motels, Mercy Health and gambling operations.
In April, Archer was sentenced to two years in federal prison for the theft case involving his clients.
The two sentences will be served consecutively. Keith ordered that after Archer’s release from prison, he will be required to abide by a suspended-sentence agreement for seven years. If Archer violates terms of the agreement, he could receive a sentence of up to 12 years in prison.
The Fountains also filed a lawsuit against Archer. He is required to pay Carol Fountain $ 47, 682 and her son $ 9, 499.
FEEDBACK:
Something to say about this topic? Submit a Letter to the Editor online
