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The State

September 12, 1985

A California man pleaded guilty to federal fraud charges arising from a credit card scheme that cost two Sacramento banks more than $700,000. Nathan Phillips, 26, could be sentenced to as much as six years in federal prison after his admission that he controlled an operation that deposited phony credit charges in a merchant banking account and then withdrew most of the funds in cash before the bank discovered that the charges were bogus. In addition, Phillips faces the possibility of another 15 years in prison and fines of up to $1 million on charges of operating a similar scheme involving banks in Missouri and Virginia. U.S. District Court Judge Edward Garcia scheduled sentencing on the California charges for Oct. 28 in Sacramento.

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