Tuesday, July 15, 2014
Cynthia Sabol, former chief financial officer at Bank of the Commonwealth, has been waiting 13 months for federal authorities to indict her. Or not.
"Ms. Sabol remains in jeopardy of broadly drawn criminal charges."
Bank of Commonwealth's CEO and EVP, "were convicted in federal court last year of orchestrating, with other defendants, a massive conspiracy to defraud the bank by hiding loan losses and committing other illegal banking practices." The executives "are serving lengthy prison terms."
"Sabol also was linked to the bank misconduct in the SEC's lawsuit." That suit accuses Sabol, the CEO and EVP "of securities fraud and claims their actions cost shareholders all their equity, in the hundreds of millions of dollars."
"HIDING LOAN LOSSES"????
WHERE HAVE WE HEARD THAT BEFORE????
(pages 4 & 12 in OIG Report)
"OTHER ILLEGAL BANKING PRACTICES"????
IS THAT THE SAME AS "UNSAFE AND UNSOUND" BANKING PRACTICES??
(page 13 in OIG Report)