Somebody Needs a Financial Planner--But Who?…

April 2002
Journal of Financial Planning;Apr2002, Vol. 15 Issue 4, p19
Academic Journal
This article comments on the ruling of a judge on the money laundering and embezzlement case of a West Virginia bank executive. A story about a West Virginia bank executive who pleaded guilty to money laundering and embezzlement was reported. His misdeeds had led to the bank's failure, so the judge sentenced him to over 12 years in prison and ordered him to pay $515 million for restitution. The order pleased the many people affected by the bank's failure, until they learned that the judge had ordered the executive to make restitution in increments of only $300 a month. At that rate, the executive will need to live for the next 143,055 years in order to pay off the debt.


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