Tuesday, July 15, 2014

Bank CFO waits in limbo over threat of criminal suit by FDIC!

Ex-bank CFO waits in limbo over 

threat of criminal suit


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)




4 comments:

  1. In this case, it would be both former CFO and eventual CEO who did not reveal the capital injections via unsecured loans to best friends.

    Did any of these unsecured loans fund the purchase of Texas National?

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    1. Their secrets are out! This will all come out when their stinky asses are on the stand and docs are laid out in front of them, along with some of the former employees they screwed with these loans and leaving them high and dry. Loyalty only goes so far when you're a snake!

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    2. They should also check all the 1/2 ac Developers that bought financed 100% of the loans, including construction cost. Probably FCIC will find more roaches. .

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  2. All of us bloggers seemed to be the joke. Saul Ortega, David Rogers, et al seem to be the ones laughing at all of us in the end. 1,000's of people lost their little nest egg and these guys continue being rich and on top of the world. I am convinced, ain't shit going to happen.

    Across town Alonzo Cantu with this Iron Fist and his whipping boy David Deanda continue with their borderline 'questionable on ethics' regarding loans to doctors who purchase stock on that Medicare/Medicaid money swallowing hospital. And the Feds are nowhere to be found on either case.

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