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(1) to defraud a financial
institution; or
(2) to obtain any of the moneys,
funds, credits, assets, securities, or
other property owned by, or under the
custody or control of, a financial
institution, by means of false or
fraudulent pretenses, representations,
or promises;
shall be fined not more than $1,000,000 or
imprisoned not more than 20 years, or both.
[Financial Institutions Reform, Recovery, and
Enforcement Act of 1989, Pub. L. 101-73, sec.
961(k), 103 Stat. 500.]
The criminal violations to which petitioner pled guilty
were based upon his deposit of the four worthless checks
into his account at Colonial Bank, as described above.
The District Court accepted petitioner's guilty plea and
sentenced him to a term in jail. It also ordered
petitioner to make restitution to Colonial Bank in the
amount of $886,026.
Sometime after petitioner's check-kiting scheme
collapsed, Colonial Bank was merged into Colonial Savings
& Loan. Neither Colonial Bank nor its successor, Colonial
Savings & Loan, has released or canceled the default
judgment that Colonial Bank obtained against petitioner
in the State court. Colonial Bank has recovered only
approximately $2,000 of the amount it lost from
petitioner's check-kiting scheme. As of the trial of the
instant case in this Court, Colonial Bank had made no other
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Last modified: May 25, 2011