Jury Convicts Former UCB Exec. Of $1.1B Securities Fraud
Law360, Los Angeles (March 25, 2015, 10:18 PM EDT) -- A California federal jury on Wednesday found the former chief operating officer of United Commercial Bank guilty of securities fraud in connection with a fraud scheme that allegedly cost the Federal Deposit Insurance Corp. and taxpayers $1.1 billion.
After deliberating just more than three hours, the jury found Ebrahim Shabudin guilty of all seven counts in the indictment, including securities fraud and conspiracy to commit securities fraud, according to court documents.
Federal prosecutors had alleged that Shabudin and others concealed losses on loans and other assets from the bank’s auditors and delayed the proper reporting of those losses. Shabudin and others...
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