Former Loan Co. CEO Pleads Guilty To Fraud

Law360, New York (November 1, 2006, 12:00 AM EST) -- The former chief executive officer of a failed Illinois loan company is now facing up to 10 years in prison after pleading guilty Tuesday to wire fraud and lying to a financial institution.

John Brincat, 70, admitted that he, along with others, overstated Mercury Finance Company's earnings and delayed in reporting bad loans so that he could earn more in salary and bonuses.

Brincat headed the lending business, which had its principal offices in Lake Forest, Ill.

He was responsible for the day-to-day operations of the...
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