MINNEAPOLIS - (07/24/06)The U.S. Court of Appeals for the8th Circuit issued a ruling Friday confirming a 15-year prisonsentence for John Whitrock, the Fishing Hat Banditwho robbed more than 21 credit unions during a two-year spree.Whitrock, 58, pleaded guilty in May 2005 to 21 area credit unionrobberies, but never showed a weapon even though he implied he hadone. Whitrock later claimed he was only carrying a plastic squirtgun. U.S. District Judge Richard Kyle sentenced him to more thanthe seven-to-nine years in the federal sentencing guidelinesbecause of the threat to tellers. The ultimate sentence,roughly eight months imprisonment for each robbery, isreasonable, the appeals court ruled. Whitrock was arrestedin a dramatic incident when Dean Wickstrom, president of RealFinancial Center CU, tracked him after a hold-up at his creditunion and called police on his cell phone to tell them whereWhitrock was hiding. Prosecutors said the bandit, so-called becauseof a fishing hat he wore during most of the heists, stole less than$90,000 during his spree between 2003 and 2005.
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Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
September 18 -
The Federal Reserve's top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
September 18 -
The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
September 18 -
The commerce company has made major inroads into embedded finance, a strategy that could get a boost from partnering with the social media giant's new AI agent.
September 18 -
Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.
September 18 -
State Street promotes Ann Fogarty to chief operating officer and names Mostapha Tahiri president of State Street Alpha; Florida's Portrait Bank expects to open for business on Saturday; Texas Capital Bancshares is on the lookout for a new chief risk officer following the departure of David Oman; and more in this week's banking news roundup.
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