Ex-Credit Bancorp CEO Ordered To Disgorge $21M

Law360, New York (February 16, 2011, 3:58 PM EST) -- A federal judge has ordered the former chairman and CEO of Credit Bancorp Ltd. to pay about $21 million in disgorgement and prejudgment interest for his role in a Ponzi scheme that brought down the bank.

The penalty assessed Monday by Judge Robert W. Sweet of the U.S. District Court for the Southern District of New York against Richard J. Blech comes on top of a more than $18 million criminal penalty Blech was forced to pay in 2005.

Blech was sentenced to 11 years in...
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