MONTGOMERY, Ala. (AP) - The founder and former owner of Mobile Attic, Peter Cash, has been sentenced to four years and 10 months in prison for a check kiting scheme that totaled more than $8 million.
U.S. District Judge Keith Watkins imposed the bank fraud
sentence on the 50-year-old businessman Wednesday. Cash will report to prison March 1.
U.S. Attorney Leura Canary said Cash owned or controlled
Bridgeville Trailers, Cash Brothers Leasing and the storage firm
Mobile Attic between 2005 and 2008. The former Elba businessman
admitted kiting $8.1 million in checks among the businesses'
accounts at various banks. Cash has sold proceeds to reduce the
debt to the banks to $7.6 million.
Cash disappeared in July 2008 when his financial dealings began to fall apart. He was found nearly three months later living under an assumed name in Tucson, Ariz.
(Copyright 2011 by The Associated Press. All Rights Reserved.)