Bank Fraudsters Ordered To Pay More Than $30M

Law360, New York (October 24, 2006, 12:00 AM EDT) -- Three former bankers have been handed jail sentences and ordered to pay more than $30 million in restitution for their roles in the bank fraud that led regulators to close Hamilton Bank NA in 2002.

Eduardo A. Masferrer, who allegedly orchestrated the scheme, is solely liable for just over $17.2 million, of which $16.1 million will go to the Federal Deposit Insurance Corporation and $1.1 million will go to an insurance company from which Hamilton collected payments under a liability policy.

Masferrer and co-defendants Juan Carlos...
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