Three men in Florida were sentenced to federal prison on Aug. 21. The charges related to fraudulent activity involving their former employer, Coastal Community Bank. The former CEO and attorney for the bank were each given a four-year sentence in prison. The former Coastal Community Bank CFO was sentenced to three years behind bars. The charges carried a potential maximum sentence of 30 years each as well as five additional years for filing a false claim against the United States.
The three defendants were also ordered to serve three years of supervised release after completing their respective prison sentences. In addition, they required to pay a combined restitution of more than $4.5 million to the Federal Deposit Insurance Corporation. The FDIC, Federal Bureau of Investigation, the Federal Reserve and the Office of the Inspector General all contributed in investigating the scheme undertaken by the three banking executives. All three defendants were convicted of defrauding the federal government.