Developer Gets 14 Years For Fraud Tied To Va. Bank's Failure

Law360, New York (October 15, 2012, 7:44 PM EDT) -- A Virginia property developer on Monday was sentenced in Virginia federal court to 14 years in prison after pleading guilty to a $41 million fraud scheme that contributed to the failure of the Bank of the Commonwealth.

Norfolk Proerty Development LLC owner George Hranowskyj was sentenced on charges to which he pled guilty in July that he and business partner Eric Menden concealed the bank’s poorly performing assets by purchasing bank-owned property, favors they then used to win preferential lending treatment among bank insiders, according to...
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