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Tully Plesser is heading off to serve a federal prison sentence. He also has the distinct honor (?) of holding a record: he has paid the largest criminal restitution ($3.1 million) ever collected in the Northeast by the FDIC. The judge, outraged at the magnitude of the crime, tacked on another $100,000 in fines and ordered him to serve six additional months of home detention after his prison sentence.
Plesser’s current difficulties began when he provided financial statements to Home Owners Savings Bank attesting to his personal ownership of $3.4 million in marketable securities. The statements were provided in conjunction with a $43 million construction loan, which subsequently defaulted, Next, the bank failed and the problem landed in the lap of the Resolution Trust Corp, which went looking for Plesser and his guarantees. When the RTC found him, Plesser claimed to no longer own the securities. Further investigation revealed that he had transferred the money into overseas accounts, from the Bahamas to Switzerland, in an attempt to mislead the RTC.
Plesser was charged with obstructing justice. The sentencing judge commented, “You have committed a very serious offense in a very sophisticated and determined manner. Going to prison is serious.”
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