PIKEVILLE, Ky. — A Prestonsburg real estate developer who pleaded guilty to conspiracy to commit bank fraud has been sentenced to no jail time, although he is required to repay nearly a quarter of a million dollars.

Paul Fannin appeared for sentencing last week, but his judgment was only entered today. U.S. District Judge Karen Caldwell sentenced him to time served in the case, along with five years of supervision. She also ordered him to pay over $248,000 in restitution.

Fannin was accused of taking loans in his daughter’s name after his bank cut off his credit, and at least partially using the money to support his gambling habit.

Fannin has said all along that he was only acting on advice from his loan officer and co-defendant, Brent Lee.

Lee took his case to trial and was found guilty on all nine counts, which include conspiracy; bank fraud; theft, embezzlement or misapplication by a bank officer; and unauthorized obligation by a bank employee. He will be sentenced later this month.