BALTIMORE -- The former owner of a failed Maryland thrift has been sentenced to 40 years in prison and ordered to pay $25 million in restitution for stealing millions of dollars from depositors and then fleeing the country.

U.S. District Judge J. Frederick Motz gave Tom J. Billman, 54, the sentence was sought by prosecutors after it was learned that he had arranged for secret money transfers overseas after he was in jail pending trial. Defense lawyers sought a two-year sentence.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.