Joe Nacchio isn't the only executive in Colorado to get hammered in a white collar crime case. This morning, U.S. District Court Judge Richard P. Matsch sentenced two Boulder bank executives , Thomas Alan Boyd and Jack O. Grace Jr., to 90 and 72 months respectively. The bank, BestBank, failed due to having a "huge portfolio of high-risk credit-card accounts." One of the defendants claimed bank regulators tricked him and the other claimed the regulators were "vengeful." Judge Matsch was unimpressed with their arguments:
"Contrary to the system failing the defendants, the defendants failed the system," he said. "It's not the role of bank officers to deceive the (Federal Deposit Insurance Corp.) and state banking regulators." Each man received a $15,000 fine. Boyd must forfeit $4.74 million in ill-gotten gains, while Grace was ordered to forfeit $92,643, the amount of a performance bonus awarded him after he deceived the board and created a false financial statement, Matsch said.
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