SAVANNAH, Georgia — The former president and CEO of a failed Savannah bank has been sentenced to more than three years in prison in a fraud scheme that led to the bank's collapse.
The Savannah Morning News reports (http://bit.ly/SUhpu8) 59-year-old Heys Edward McMath III was sentenced on Tuesday to three years and six months in prison. The former First National Bank president is also ordered to repay a portion of $9.7 million that was stolen from the bank in the scheme.
McMath pleaded guilty to defrauding the bank out of millions of dollars through manipulated loans.
He was one of seven former bank officials named in a 41-count indictment. He and others were charged with conspiracy, bank fraud, making false entries in bank records and false statements to a bank.
Information from: Savannah Morning News, http://www.savannahnow.com