Executive Sentenced to 17 Years for Bank Fraud

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This is the first and only senior executive of a bank that I have heard about being charged when a bank failed or suffered major losses due to his fault. All the other top executives had to do was say “I’m Sorry” and they were let off. Where were SIGTARP and the Fraud Enforcement Task Force when WAMU and the others were in trouble and failing do to questionable (at best) management? Please read the article below and let me know what you think.

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Stephen G. Fields, 49, of Chesapeke, Virginia, was sentenced Monday to 17 years in federal prison for conspiracy to commit bank fraud, false entries in bank records, misapplication of bank funds, and false statements to a financial institution. Fields was executive vice president and senior commercial loan officer at Bank of the Commonwealth. Christie Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), added that Fields was ordered by the court to repay more than $331 million to the FDIC and to forfeit more than $61 million in proceeds from the offense.

“The culture among executives at TARP applicant Bank of the Commonwealth was rotten to its core, and Fields…was a principal contributor to the stench of entitlement and corruption at the bank,” Romero said. “As a former bank examiner, Fields should have stopped and blown the whistle, but instead, he engaged in an extended and pretend scheme to mask past-due loans, rigged auctions to get foreclosed property off the bank’s books, and lied to bank examiners. For his fraud and role in running the bank into the ground, Fields will spend the next 17 years in federal prison and will have ample time to think about how he ended up at the center of one of the largest bank frauds in Virginia’s history.”

To read the complete article please use the link below.

Executive Sentenced

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