The former president of the Dynus corporation was sentenced on Tuesday for his role in a scheme where the corporation secured $10 million for a bogus fiber optics deal in Butler County.
James Smith, 43, of Lebanon was president of Dynus at the time of the scheme. Smith pleaded guilty on February 2007 to one count of bank fraud and one count of failure to file a federal income tax return.
Prosecutors say Smith, as president, conspired with others help the company fraudulently secure funds from lenders by signing fraudulent documents and submitting false information to auditors.
Smith was sentenced to 15 months in prison for his role in the scheme.