ATLANTA - (11/19/04) -- In an unusual ruling, a federalappeals court has overturned a lower court ruling and ordered aconviction of a Florida woman was charged with helping her daughtertry to pass a phony $6 million check on Monsanto Employees CU in2002. The three-judge panel of the U.S. Court of Appeals for the11th Circuit ordered the lower court to reinstate the jury's guiltyverdict for Brenda Williams and sentence her for bank fraud in thecase. The U.S. District Court for Pensacola, Fla., had directed averdict of acquittal for Williams after the jury found her guiltybecause the judge ruled the government failed to prove Williamsknew her daughter, Tammy Williams Neely, was lying about havingsold a vintage baseball for $8 million to cover the check. Neelytried to write the $6 million check on her mother's account at thecredit union, but the check was returned.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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