Former Contractor Matt Banks Pleads Guilty to 19 Felonies, Faces Up to 25 Years

October 7, 2026

Former Escambia contractor Matthew Scott Banks pleaded guilty Tuesday morning to 19 felony charges after reaching a negotiated plea agreement with the State Attorney’s Office.

Under the terms of the agreement, Banks, 43, faces a cap of 25 years in state prison. The deal also stipulates that he pay a minimum of $4,760,335.58 in restitution across 161 victim and business accounts in Escambia and Santa Rosa counties, with any additional amounts to be resolved at a future restitution hearing. While the prison term is capped at 25 years, the plea agreement specifies there is no cap on any subsequent term of probation or any prison time that could be imposed if probation is violated.

Ahead of the plea, Banks faced up to 240 years in prison across 13 separate cases.

Banks pleaded guilty as charged to:

  • Aggravated white-collar crime
  • Unlawfully conducting a business enterprise (RICO Act)
  • Organized fraud ($50,000 or more)
  • Tampering with evidence
  • Grand theft ($20,000 to $100,000)
  • Grand theft ($5,000 to $10,000)
  • Six counts of failure to return payment by contractor ($20,000 to $200,000)
  • Seven counts of failure to return payment by contractor ($1,000 to $20,000)
  • Banks also agreed to pay $518 in felony court costs and $150 in public defender fees.

Sentencing before Chief Judge John Simon has been scheduled for December.

Banks was indicted in April 2023 following an investigation into allegations that he victimized more than 150 homeowners between May 2019 and December 2022. State Attorney Ginger Bowden Madden previously stated that Banks and his business, Banks Construction Group LLC, took more than $5 million in customer funds, materials, and services across Escambia, Santa Rosa, and Okaloosa counties without completing the promised work.

Banks has remained held without bond in the Escambia County Jail since his April 2023 arrest.

Banks’ brother-in-law, Jesse LaCoste, is currently serving a 40-year state prison sentence after being convicted in two contractor fraud cases involving grand theft and racketeering. LaCoste continues to face additional charges in pending cases across Escambia, Santa Rosa, and Okaloosa counties.

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Written by William Reynolds · Filed Under TOP STORIES