Ex-Equipment Finance Exec Gets 20 Years For $53M Fraud

Law360, Philadelphia (September 12, 2012, 6:57 PM EDT) -- A former senior vice president of Equipment Finance LLC was sentenced Wednesday to 20 years in prison for his role as a co-conspirator in a fraud scheme that cost the company $53 million and brought down one of the oldest banks in the U.S.

Michael J. Schlager, 51, was sentenced to 20 years in prison by U.S. District Court Judge Paul Diamond of the Eastern District of Pennsylvania, and was ordered to pay $53 million in restitution for his role in a plot to falsify and...
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