A former thrift executive's spin in a six-figure Italian sportscar could land him in prison for 20 years.
A federal jury in New Jersey convicted N. Mark Wright, 47, of bank and wire fraud last week for making false statements in connection with a $240,000 loan to buy a Ferrari Testarossa. Mr. Wright, former president and chief operating officer of BankAtlantic in Fort Lauderdale, Fla., is scheduled to be sentenced on April 28.
The 47-year-old Florida resident was convicted on charges that he falsified a loan application and submitted an inflated bill of sale from a car dealer to get a loan from Security Marine Credit Corp., a now defunct New Jersey lender, in 1990.
A BankAtlantic spokesman said the thrift fired Mr. Wright on May 15, 1991, for unrelated reasons.