RE Developer Gets 2 Years In Commonwealth Fraud Scheme

Law360, New York (July 23, 2013, 7:00 PM EDT) -- A Virginia federal judge on Monday sentenced a former real estate developer and restaurateur to 27 months in prison and ordered him to pay millions in restitution after he pled guilty last year to multiple charges of fraud that resulted in the collapse of the Bank of the Commonwealth.

U.S. District Judge Raymond Jackson handed down the 27-month prison term to Thomas Arney, who pled guilty in August to conspiracy to commit bank fraud, unlawful monetary transactions and making false statements, and ordered him to pay...
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