BANKING & FINANCE - Dec. 1, 1992
From Times Staff and Wire Reports
Silverado Ex-Shareholder Sentenced to Prison: W. James Metz, former majority shareholder of the failed Silverado Banking, Savings & Loan Assn., was sentenced to two years in prison for misapplying thrift funds. However, citing the defendant’s cooperation with an ongoing investigation of the thrift’s collapse, U.S. District Judge Jim Carrigan suspended all but six months of the prison term and ordered Metz to spend 18 months on probation and perform 500 hours of community service. The judge also ordered him to pay $88,151.55 to the Federal Deposit Insurance Corp., the thrift’s receiver. Silverado’s former chairman, Michael R. Wise, faces trial Feb. 1 on three counts of bank fraud.
