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Michigan Fraud Scandal Lands Former CFO In Jail

Law360 (February 8, 2006, 12:00 AM EST) -- A former executive of MCA Financial Corp., the fallen Detroit-area mortgage firm that collapsed in a $256 million securities scandal, has been ordered pay $65 million in restitution to defrauded investors and sentenced to 24 months in prison.

Cheryl Swain, a 41-year-old Beverly Hills mother of three, was former vice president for marketing syndication at MCA, which in January 1999 folded in the largest securities scandal in Michigan history.

Swain pled guilty in 2001 to one count of mail fraud in connection with the scam. Although...
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