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Tuesday, May 21, 2013

4 ex-Virginia bank execs face jury in $71 million embezzlement case

Federal court jurors in Norfolk are set to continue their deliberations in the trial of four former Bank of Commonwealth executives and a developer accused of conspiring to defraud the bank out of $71 million.
The Virginian-Pilot reports that the jury met briefly on Friday before breaking for the weekend. They resume deliberations Monday.
The defendants include the former bank president and CEO, two former vice presidents and a mortgage specialist. A developer is also a defendant.
A defense attorney called the case "the silliest bank fraud that ever existed."
A prosecutor countered that the fraud was tantamount to opening the vault and handing out millions.
Jurors' deliberations followed nine weeks of testimony.

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