Failed Bank's Former VP Gets 5 Years For Fraud

Law360, New York (April 22, 2011, 7:19 PM EDT) -- A federal judge in Georgia sentenced a former executive of a failed bank Friday to five years in prison and ordered him to pay $6.7 million in restitution for overstating the bank's assets to hide a massive mortgage fraud.

The sentencing, issued by U.S. District Judge J. Owen Forrester, follows a January 2010 guilty plea from ex-Omni National Bank executive vice president Jeffrey L. Levine, 70, to making materially false entries in the bank's books and financial statements that overvalued its assets and helped send it...
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