Ex-Minn. Auto Chief Gets 10 Years, Fined $31M

Law360, New York (February 11, 2011, 3:59 PM EST) -- A federal judge on Friday sentenced a former automotive bigwig to 10 years in prison and ordered him to pay $31 million in restitution for defrauding Chrysler Financial Services LLC and other lenders and concealing his assets during bankruptcy.

Judge Joan Ericksen of the U.S. District Court for the District of Minnesota handed Dennis Hecker the maximum prison term following his guilty plea on one count of conspiracy to commit wire fraud and one count of bankruptcy fraud.

Hecker, 58, behaved “like a scoundrel,” Judge Ericksen...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.