Ex-Worldwide CEO Gets 5 Years For $11M Loan Scheme

Law360, New York (September 30, 2011, 5:41 PM EDT) -- The former CEO of Worldwide Financial Resources Inc. was sentenced Tuesday in New Jersey federal court to more than five years in prison for perpetrating an $11 million fraudulent loan scheme and committing bankruptcy fraud.

David Findel, who pled guilty to the bankruptcy fraud last week and the loan fraud in October 2010, was ordered to spend 63 months in federal prison, pay $11.9 million in restitution and serve three years of supervised release. On Sept. 20, he admitted to hiding $200,000 worth of assets, including...
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