WASHINGTON - (07/08/05) A federal judge ruled Thursdaythat Bernard Gurr, the self-proclaimed MisikeaFaAlaveleve, or American Samoan BigChief, who headed American Samoa Government Employees FCU,must serve out the remaining year or so on his 70-month prison termfor fraud and conspiracy related to the failure of the tiny Pacificislands only credit union more than a decade ago. But Gurr,who has been jailed at Nellis Air Force Base in Nevada since hisApril 2003 conviction on 19 criminal charges, may return to hisremote island home to serve out the three years of supervisedrelease after leaving prison, rather than serve it in Hawaii, 2,000miles away from home. The court originally sentenced Gurr tosupervised release in Hawaii because it is the closest jurisdictionfor the U.S. judicial system, which has no supervision in AmericanSamoa. Gurr, who has served 51 of his 70-month sentence, hadrequested early release based on Decembers Supreme Courtruling striking down mandatory sentencing guidelines. But NCUA,which reported a $4.6 million loss from the 1993 failure of the $8million credit union, argued against early release, stressing thata stiff sentence was needed to help deter other financial misdeedsin credit unions. The court also upheld a $65,000 restitution orderagainst Gurr.
-
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
2h ago -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
2h ago -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
3h ago -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
3h ago -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
5h ago -
In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
6h ago