Ex-Equipment Finance Exec Gets 15 Years For $53M Fraud

Law360, New York (September 11, 2012, 11:10 PM EDT) -- The former chief operating officer of Equipment Finance LLC was sentenced Tuesday to 15 years in prison for his role in a fraud conspiracy that lost the company $53 million and brought down one of the oldest banks in the country.

U.S. District Judge Paul S. Diamond in the Eastern District of Pennsylvania sentenced Joseph M. Braas, 46, to 15 years in prison and ordered him to pay $53 million in restitution for the loan fraud scheme that bankrupted EFI and led to the demise of...
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