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Former officer of collapsed Va. bank sentenced

Monday - 9/16/2013, 6:29pm  ET

NORFOLK, Va. -- A former executive of a now-collapsed Virginia bank has been sentenced to 17 years in federal prison.

Stephen Fields was sentenced Monday in U.S. District Court in Norfolk for his role in a conspiracy that led to the collapse of the Bank of the Commonwealth.

The Virginian-Pilot (http://bit.ly/16dts6f ) reports that U.S. District Judge Raymond A. Jackson also ordered the 49-year-old Fields to pay $331 million in restitution.

Federal prosecutors asked for a maximum sentence of 30 years in prison. Fields' attorneys sought a sentence of 10 years.

Fields was convicted on six bank fraud and related charges in May. The bank collapsed in September 2011.

Fields is the first of several defendants to be sentenced in the conspiracy.

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


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