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Developer sentenced in Va. bank fraud case

Tuesday - 7/23/2013, 10:17am  ET

NORFOLK, Va. -- A developer will spend more than two years in prison for his role in a fraud scheme that led to the Bank of the Commonwealth's collapse.

Thomas Arney also must forfeit more than $7 million.

The Virginian-Pilot (http://bit.ly/137Rhe6 ) reports that the 57-year-old Chesapeake resident was sentenced Monday in U.S. District Court in Norfolk. He pleaded guilty in August 2012 to bank fraud charges.

Arney admitted that he conspired with bank executives to defraud the Bank of the Commonwealth of $15 million in loans.

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Information from: The Virginian-Pilot, http://pilotonline.com


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