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Apr.16, 2010

OXFORD, Miss. — Former PeopLoungers President Jimmy Green pleaded guilty to bank fraud, mail fraud and money laundering Thursday and faces up to 80 years in prison and $2.5 million in fines, the Northeast Mississippi Daily Journal reported today.

The newspaper said the 57-year-old businessman was accused of misrepresenting his personal financial information to several area banks to secure loans for his personal use and to maintain a fraud scheme on other banks.

The charges were not related to any business dealings involving PeopLoungers, the newspaper said.

Green's sentencing date has not been set but is expected in about two months.