Former Waffle House franchisee and Pinnacle Financial Partners director Jim Shaub was indicted on criminal fraud charges Wednesday and stands accused of orchestrating a check-kiting scheme that robbed banks of roughly $3.7 million.

Shaub, who was CEO of SouthEast Waffles Inc., is facing six charges of bank fraud and eight charges of money laundering. According to the indictment, he arranged checks to be drawn on an account at SunTrust Bank and then deposited at FirstBank when “neither bank had sufficient funds to cover the amounts drawn, thus creating a delay known as the ‘float’ and creating an artificial balance in the accounts.” The fake balance was then allegedly used to pay SouthEast Waffles creditors and Shaub, personally.

In a 2008 Chapter 11 filing for SouthEast Waffles, Shaub acknowledged the check-kiting scheme, but placed the blame on his CFO, Rebecca Sullivan. The indictment lists an R.S. as “an individual known to the grand jury” who played a part in the scheme, but as of Thursday afternoon, Sullivan had not been indicted.

SunTrust sued Shaub and Sullivan for more than $20 million in 2009, but the case was settled out of court.

The federal indictment also accuses Shaub of depositing eight checks totaling more than $240,000 from SouthEast Waffles’ account into his personal account at Pinnacle Bank. The Office of the U.S. Attorney issued a summons for Shaub to appear before the court on or before Feb. 23.