Three former bank executives will learn their fate in July after being convicted of defrauding the government.
After nearly 3 weeks of trial and nearly 9 hours of deliberations, a federal jury convicted former Coastal Community Bank CEO Terry Dubose, CFO Elwood "Woody" West and bank attorney Frank Baker. The verdict came in just before 11:30 p.m. Wednesday.
Dubose was convicted of all 12 counts in the indictment. West is guilty of 11 of the 12 counts. He was found not guilty of count 1, conspiracy to defraud the government. Baker was found guilty of 8 of the 12 charges.
The case revolved around Coastal's 2008 FDIC backed loan by saying it was unsecured debt when it was actually secured. They defaulted on the $3.5m loan from Centerstate Bank. Coastal was shut down by the FDIC in 2010.
The defendants face a maximum of 30 years for each charge and a maximum of 5 years for Centerstate's false claim against the United States. Sentencing is schedule for July 17th. All three are out on bond until that time.