Arizona executives sentenced in ND bank fraud case - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Arizona executives sentenced in ND bank fraud case

FARGO, ND (AP) -

Two executives from a defunct Arizona mortgage lender have been sentenced to federal prison on charges they swindled Bismarck-based BNC National Bank out of at least $26 million.

Scott Powers and David McMaster pleaded guilty earlier to conspiracy to commit bank fraud and wire fraud. Powers was the CEO of American Mortgage Specialists Inc., or AMS, and McMaster was the company's vice president in charge of lending operations.

U.S. District Judge Daniel Hovland on Friday sentenced McMaster to more than 15 years in prison and Powers to eight years behind bars. Powers was given credit for cooperating with authorities.

The plea agreements call for Powers and McMaster to forfeit $28.5 million, which includes proceeds from the fraud.

Attorneys for the two defendants were not immediately available for comment.

Copyright 2013 Associated Press. All rights reserved.

  • FOX19 HeadlinesMore>>

  • In Comey memos, Trump talks of jailed journalists, 'hookers'

    In Comey memos, Trump talks of jailed journalists, 'hookers'

    Friday, April 20 2018 1:03 AM EDT2018-04-20 05:03:06 GMT
    Friday, April 20 2018 10:46 AM EDT2018-04-20 14:46:18 GMT
    (AP Photo/Susan Walsh). Copies of the memos written by former FBI Director James Comey are photographed in Washington, Thursday, April 19, 2018. President Donald Trump told former FBI Director James Comey that he had serious concerns about the judgment...(AP Photo/Susan Walsh). Copies of the memos written by former FBI Director James Comey are photographed in Washington, Thursday, April 19, 2018. President Donald Trump told former FBI Director James Comey that he had serious concerns about the judgment...

    President Donald Trump told former FBI Director James Comey that he had serious concerns about his first national security adviser, Michael Flynn.

    Full Story >

    President Donald Trump told former FBI Director James Comey that he had serious concerns about his first national security adviser, Michael Flynn.

    Full Story >
  • As Prince's health waned, alarm grew in inner circle

    As Prince's health waned, alarm grew in inner circle

    Friday, April 20 2018 2:13 AM EDT2018-04-20 06:13:24 GMT
    Friday, April 20 2018 10:45 AM EDT2018-04-20 14:45:57 GMT
    (Carver County Sheriff's Office via AP). In this image made from surveillance video provided Thursday, April 19, 2018, by the Carver County Sheriff's Office, as part of an investigative file into Prince's death, the superstar, center, enters a clinic o...(Carver County Sheriff's Office via AP). In this image made from surveillance video provided Thursday, April 19, 2018, by the Carver County Sheriff's Office, as part of an investigative file into Prince's death, the superstar, center, enters a clinic o...
    Investigative files in Prince's death show that members of his inner circle were growing increasingly alarmed about an opioid addition as his health waned in the final days of his life, and that they sought help.Full Story >
    Investigative files in Prince's death show that members of his inner circle were growing increasingly alarmed about an opioid addition as his health waned in the final days of his life, and that they sought help.Full Story >
  • Wells Fargo to pay $1B for mortgage, auto lending abuses

    Wells Fargo to pay $1B for mortgage, auto lending abuses

    Friday, April 20 2018 9:33 AM EDT2018-04-20 13:33:09 GMT
    Friday, April 20 2018 10:44 AM EDT2018-04-20 14:44:53 GMT
    (AP Photo/Matt Rourke, File). FILE - This Aug. 11, 2017, file photo shows a sign at a Wells Fargo bank location in Philadelphia. The New York Times and other news outlets are reporting Thursday, April 19, 2018, that federal regulators plan to fine Well...(AP Photo/Matt Rourke, File). FILE - This Aug. 11, 2017, file photo shows a sign at a Wells Fargo bank location in Philadelphia. The New York Times and other news outlets are reporting Thursday, April 19, 2018, that federal regulators plan to fine Well...

    Wells Fargo fined a combined $1 billion by federal regulators for abuses tied to its mortgage and auto lending businesses.

    Full Story >

    Wells Fargo fined a combined $1 billion by federal regulators for abuses tied to its mortgage and auto lending businesses.

    Full Story >
Powered by Frankly