EUGENE, Ore. (AP) -- Roseburg businessman Dave Gilbert was sentenced Wednesday to three years in prison for a check-kiting scheme that defrauded banks.
The Roseburg News Review reports (http://is.gd/HRr1wU ) the federal judge in Eugene also ordered the 64-year-old to pay $1.9 million in restitution.
Gilbert pleaded guilty in November to bank fraud charges.
The scheme involved transferring money between two or more banks in order to obtain credit from a bank during the time it takes checks to clear. Prosecutors said it gave him a series of unauthorized, unsecured and interest-free loans.
Information from: The News-Review, http://www.nrtoday.com