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Bank head used TARP dollars to buy FL condo

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Mortgage Professional America | 28 Aug 2013, 06:35 AM Agree 0
A former Missouri bank chairman is facing up to a year in federal prison after he admitted to using federal bailout funds to buy a vacation home
  • DT, Mortgage Banker | | 28 Aug 2013, 09:10 AM Agree 0
    Seriously, POSSIBLE jail time? If someone walked into his bank and stole over $300K they would ABSOLUTELY do jail time. This just sends the wrong message.
  • Mike | | 28 Aug 2013, 09:16 AM Agree 0
    He is getting off to easy. He should do at least two years in fed prison. I have a good idea. Let's start sentencing guys like this in the mortgage industry just like you would a criminal that would stick up a 7-11. As an LO that sees a good chunk of my check going to our government, this makes me sick. Our tax dollars being used for these pricks!

  • John Defrancisco | | 28 Aug 2013, 09:30 AM Agree 0
    How does that guy get to head a bank? Even I know better and I am just a mortgage broker.
  • bgm | | 28 Aug 2013, 09:34 AM Agree 0
    One small fish who actually created something with his TARP funds, a profit! The condo is probably worth 15% more today then when he bought it.
  • Evelyn Santiago | | 28 Aug 2013, 09:36 AM Agree 0
    So did they take the condo back??? Or did he sell it for a profit?
  • C Brown | | 28 Aug 2013, 10:18 AM Agree 0
    A loss in public confidence and skepticism of our local public bank's compliance policies is worth more than a possible sentence of fines and a year spent in prison where he will no doubt be pondering his next scheme.
  • Paul | | 28 Aug 2013, 11:30 AM Agree 0
    Was it worth it? Absolutely not. He jeopardized his future in Banking and Thought he could not get caught. What was he thinking with all the new laws. He should do at least 2 years and when he gets out he can then work as a fast food cook.
  • Tom Elder | | 28 Aug 2013, 11:49 AM Agree 0
    WOW!!!!! That is all I can really say about this guy.....
  • Nancy Szep | | 28 Aug 2013, 11:54 AM Agree 0
    Just another example of white collar crime and the "soft" sentencing these criminals receive when caught. Our justice system needs a
    complete over haul.
  • Steve | | 28 Aug 2013, 12:12 PM Agree 0
    So for all the people blaming mortgage brokers for the crash...Here is the biggest proble with the fall of the mortgage industry. "Corporate Greed" Just imagine if the banks have there way and force out the mortgage brokers what the industry would come to.
  • teri b | | 28 Aug 2013, 12:55 PM Agree 0
    I can't believe all he got was one year. He spends over $300,000 for a condo and his penalty is a yr in jail and pay back $100,000. Our justice system is the pits!
  • RJ Horwitz, FC | | 29 Aug 2013, 10:42 PM Agree 0
    Par for the course. This guy should be roasted!! The banking system is still broken if the penalties are still a slap. This guy should pay back every penny, plus interest and penalty at the mortgage default rate; have a min of 5 years mandatory inprissonment and fine each of the execs who used the perc! Make these guys accountable and send a message to all in the industry to raise the bar and start rewarding those who do it right and really punsih those who do it wrong!!!!!!!!!
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