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Former Banker Who Defrauded Firm Sentenced to 3 Years

January 10, 1988|Associated Press

DETROIT — A former banking executive found guilty of defrauding one of his company's subsidiary banks was sentenced Friday to three years in prison and fined $5,000.

U.S. District Judge Anna Diggs Taylor set a $15,000 personal bond for former Michigan National Corp. Chairman Stanford Stoddard, 56, who was convicted Aug. 10 by a federal jury on one count of misapplying $175,000 in the sale and lease-back of an office building.

"I'm innocent of the charges. I was the first day, I will be the last day," a distraught Stoddard told reporters after the sentencing.

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