SHERMAN, Texas (CBSDFW.COM/AP) — A former loan officer in North Texas has been sentenced to 10 years in prison and must repay more than $2 million for executing a fake documents and bogus borrowers scam.

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

Shelley, who was sentenced February 7, worked for Lone Star Agricultural Credit Association in Sherman in 2016 and 2017. Investigators say he 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.

“Employee theft affects many businesses, and it can be devastating to a company,” said U.S. Attorney Joe Brown.  “Unfortunately, this man had access to a whole lot of money, and he took advantage of that, and took advantage of the bank.  It doesn’t matter whether it’s stolen with a gun or computer, it hurts just as bad to the victim.”

Sherman is 55 miles north of Dallas.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)