Friday, July 11, 2008

Mark Turkan Indicted

Mark Turkan, a former president of First Bank Mortgage in St. Louis, was indicted on eight felony counts for: wire fraud, misapplication of bank money, making of false bank entries, and causing a filing of a false annual report. He is allegedly responsible for a loss of up to $35 million because of “shady securities transactions” as reported by here. As stated in the indictment, his alleged dealings resulted in First Bank having to pay fines of $35 million to Bear Stearns. The penalties that Turkan is facing include up to 30 years in prison for each count of wire fraud which does not include the extra years for the other counts, as well as millions of dollars for fines.

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