5th Circ. Affirms Conviction Of Ex-First Fidelity CEO

Law360, New York (July 26, 2011, 6:02 PM EDT) -- The Fifth Circuit on Monday affirmed a judgment against the former CEO of now-bankrupt First Fidelity Acceptance Corp., who was sentenced to 10 years in prison and $15.2 million in restitution for allegedly bilking investors in an automobile loan scheme.

The Fifth Circuit's decision came in response to Richard Tucker's second appeal of his 2002 conviction for one count of securities fraud and one count of mail fraud in the Eastern District of Texas.

Tucker had claimed that his trial counsel was ineffective because it failed...
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