It took just two hours for jurors in the federal criminal fraud case against former Hamilton Bank Chairman Eduardo A. Masferrer to find him guilty Wednesday on all 16 counts of conspiring to defraud investors and depositors by cooking the bank's books. The former banker was accused of removing bad Russian loans worth nearly $20 million from the bank's books in 1998 in order to prop up third-quarter results and earn a substantial bonus for himself.
May 11, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
It took just two hours for jurors in the federal criminal fraud case against former Hamilton Bank Chairman Eduardo A. Masferrer to find him guilty Wednesday on all 16 counts of conspiring to defraud investors and depositors by cooking the bank’s books.
Masferrer’s wife, four children and a handful of friends sobbed as the former banker was taken into custody to be transported to the Federal Detention Center in Miami. Masferrer’s lawyers indicated that they will appeal.
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