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Bank CEO sentenced for illegally issuing $16M in loans to Republican operative
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Banking, Case Law
Friday, February 11, 2022
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Federal Savings Bank CEO and Chairman Stephen Calk was sentenced to one year and one day of imprisonment for using his position to issue millions of dollars in high-risk loans to Paul Manafort for personal political gain.
The U.S. Attorney for the Southern District of New York Damian Williams said the sentence sends the message that those who corrupt federally regulated financial institutions will be held accountable.
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