3 former bankers sentenced
By Zack McDonald, The News Herald, Panama City, Fla. | |
McClatchy-Tribune Information Services |
Each of the men received about half the prison time normal fraudsters receive as dictated by 1984 federal sentencing guidelines.
"This offense was a marked deviation from an otherwise law-abiding life," said Judge
Attorneys of the three Coastal Community Investments bankers, a holding company that owned
"If all the borrowers did what these borrowers did, there would have been a complete collapse," said Assistant U.S. Attorney
Coastal itself collapsed months after accepting the loan without repayment.
During the nearly eight-hour sentencing hearing in a filled courtroom, defense attorneys attempted to convince Smoak that the
Dubose's attorney likened it to a case where an oil tanker came loose from a barge and ran aground, spilling large amounts of oil -- an unfortunate analogy for residents along the
"You know what the court found?" said lawyer
Smoak dismissed several enhancements to crimes to which a jury had already convicted the three, including obstruction of justice and abuse of trust. He agreed the men used sophisticated means and skills to attain the money.
"That required some considerable finesse to pull off," Smoak said. "A slip of the tongue could have caused it to scuttle off."
Each of the men also was sentenced to three years probation after their prison stays. Attorneys for the men said they will be appealing the court's findings. Each will contribute to repaying
Despite not receiving the eight to nine years of prison sought, prosecutors said they were confident the conviction and sentencing of the bankers would send a message to others.
"What we had was three people who had all the benefits this world had to offer and yet they decided to steal from the federal government," Littleton said. "This will resonate. Whether you are a banker or a lawyer -- when you lie, cheat and steal -- you will be punished."
An earlier version of this story is posted below:
Earlier this year, defendant
On Thursday, Dubose and Baker were sentenced to four years in prison each. West was sentenced to three years. Jointly they will pay the
The three men were executives or directors of
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