Lawyer pleads guilty to $47 million Ponzi scheme
Headline Legal News | 2011/08/05 16:07
An Arkansas lawyer and businessman admitted today to staging a Ponzi scheme that netted more than $47 million, a scam that a prosecutor called the largest case of fraud in state history.

Kevin Lewis, 43, pleaded guilty today to one count of bank fraud in federal district court in Little Rock. He could face up to 30 years in prison, though U.S. Attorney Christopher Thyer said Lewis would likely receive between 10 to 13 years.

He will also have to pay restitution of almost $40 million, though that number could go down further as banks work to recover their losses.

Lewis acknowledged that he issued paperwork for fake rural improvement bonds often used by developers to defraud several Arkansas banks starting with a small bond in 1997.

That money went to maintain his business interests across the state, which range from a law firm to a clothing company. He used the money to make the payments on past fake bonds and support a personal lifestyle that included a house valued at more than $1 million, fancy cars and vacations, Thyer said.

Meanwhile, the bank that bought almost $23 million of the fake bonds, First Southern Bank in Batesville, was placed into receivership by authorities, Thyer said. Lewis had purchased majority ownership of First Southern, using a loan from another Arkansas bank that was backed by the fake bonds.


[PREV] [1] ..[1511][1512][1513][1514][1515][1516][1517][1518][1519].. [2089] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Court to hear case over ID of Tex..
Maldives court overturns prison t..
Supreme Court hopeful had DWI cha..
Georgia high court won't stop vot..
Former FIFA official Makudi at co..
Colorado Supreme Court hears high..
New campaign seeks support for ex..
Manhattan DA drops part of Weinst..
Supreme Court wrestles with case ..
Top French court to rule on fault..
Polish leader appoints top court ..
Kavanaugh to hear his 1st argumen..
Texas Supreme Court to hear sex o..
Kavanaugh to attend White House e..
Massachusetts high court to weigh..
Cemetery case puts property right..
Indian court allows deportation o..
UN court orders US to lift some I..
Supreme Court could limit executi..
Supreme Court won't hear case ove..




Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Indianapolis, IN Personal Injury Law Firm
Indian Personal Injury Attorneys
www.rwp-law.com
Downtown Manhattan Business Law Attorneys
Breach of Contract Lawyers
www.woodslaw.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Law Firm Web Design Templates
Lawyer Website Templates
www.webpromo.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. Legal Marketing Blog. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Law Firm Web Design by Lawyer Website Design - Lawyer Web Site Design That Works