DENVER - Former New Frontier Bank officer Gregory William Bell is expected to plead guilty to allegations made against him in connection with the bank's collapse, the U.S. Attorney's office in Colorado said Tuesday.

Bell, 54, of Weld County allegedly devised and participated in schemes to defraud New Frontier Bank in Greeley in 2005 and in 2008, according to a statement from the U.S. Attorney's office. The various schemes appear to involve more than $27 million, according to the statement.

The former bank officer faces one count of false bank entries, one count of misapplication, one count of bank fraud and one count of money laundering, according to the U.S. Attorney's office. Bell is expected to make a guilty plea to at least one of the counts on Feb. 5, according to Jeff Dorschner, a spokesman for the U.S. Attorney's office.

Bell was advised of charges against him and waived his right to indictment in a court appearance on Wednesday, Dec. 5. He was released on a personal recognizance bond. New Frontier Bank closed in April 2009. The bank had a branch in Longmont.

Three of the counts carry penalties of up to 30 years in prison and fines of up to $1 million. Penalties for the money laundering count include up to 20 years in prison and a fine of up to $500,000.

Bell also faces a potential asset forfeiture in connection with the charges, according to the U.S. Attorney's statement.

The Federal Bureau of Investigation, the Internal Revenue and the Federal Deposit Insurance Corp were involved in collecting information used in the case.