Former Bank Employee gets 3-years for Bank Fraud

By: Associated Press
By: Associated Press

MIAMI (AP) - A former Miami loan officer has been sentenced to
three years in federal prison for his role in a $12 million bank
fraud scheme.

A federal judge on Friday imposed the sentence on 29-year-old
former Wachovia bank employee Richard Garcia.

Garcia was also ordered to pay $10 million in restitution and will spend 20 months in home confinement after his release.

Prosecutors say Garcia helped borrowers falsify numerous
documents to obtain commercial lines of credit between 2005 and 2008.

The borrowers paid a fee of 10 percent of the amount of their
fraudulent loans.

The case was part of the federal government's Financial Fraud
Enforcement Task Force.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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