A Springfield, Mo., businessman pleaded guilty in federal court Friday to engaging in fraud schemes, even after he was under indictment and while incarcerated, that totaled more than $3 million in losses.

Richard Thomas Gregg, 59, of Springfield, pleaded guilty before U.S. Magistrate Judge David P. Rush to one count of bank fraud and one count of bankruptcy fraud.

Gregg was the principal shareholder and a director of Southwest Community Bank in Springfield, which failed in May 2010. In the factual basis to his plea agreement, Gregg admitted that the United States could prove he substantially jeopardized the soundness of that financial institution and directly contributed to the failure of the bank. Southwest Community Bank lost $679,399 on Gregg’s personal line of credit and $871,125 on a commercial real estate fraud scheme perpetrated by Gregg, for a total loss of $1,550,524.

Gregg and his wife also were majority shareholders in Glasgow Savings Bank in Glasgow, Mo., which failed in 2012. Prior to Glasgow Savings Bank’s failure, it was one of the oldest operating banks west of the Mississippi River. Gregg was also a real estate developer, an investor and a licensed insurance agent for the Shelter Mutual Insurance Company. Gregg had ownership interest in and controlled a number of business entities.

Under the terms of the plea agreement, Gregg will be sentenced to six years and six months in federal prison without parole and must pay $3,098,896 in restitution to the victims of his fraud schemes. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.