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Co-owners receive 10-year sentences
Published August 18, 2007 at midnight
Two defendants in the BestBank case were sentenced Friday to 10 years in prison.
Douglas Baetz and Glenn Gallant were the co-owners of Fort Lauderdale, Fla.-based Century Financial. The company created a telemarketing campaign that allowed Boulder-based BestBank to sign up 600,000 customers for a combination travel club/credit-card account in the late 1990s. The troubled portfolio pulled down the entire bank.
Baetz and Gallant were found guilty in August 2005 on all but three of 66 counts of bank fraud, conspiracy, wire fraud and making false reports. Their sentences will run concurrently, and each has been ordered to forfeit more than $11.6 million.
In February, BestBank executives Edward P. Mattar III, Thomas Alan Boyd and Jack O. Grace Jr. were found guilty of 15 counts of conspiracy, bank fraud, false bank reports and wire fraud. Boyd and Grace will be sentenced Friday. Mattar will be sentenced Oct. 19.
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