Texan Sentenced To 7 Years In Prison For Fraud

Law360, New York (November 16, 2010, 6:18 PM EST) -- The former CEO of a South Texas construction company has been sentenced to seven years in prison and ordered to pay $40 million in restitution for a scheme to fraudulently obtain bank loans to finance company projects.

Judge Andrew Hanen of the U.S. District Court for the Southern District of Texas sentenced Mitchell Kent Sweezy on Monday for committing bankruptcy fraud, bank fraud and other fraud, said José Angel Moreno, United States Attorney for the Southern District of Texas.

Judge Hanen also sentenced Sweezy-controlled partnerships KPS...
To view the full article, register now.