Bank of San Pedro Ex-CEO Gets Prison Term

The former chief executive of failed Bank of San Pedro was sentenced to more than seven years in federal prison for his role in defrauding the bank out of millions of dollars. Lance Darryl Oak, 50, of San Pedro was convicted in December of four counts of bank fraud, tax fraud and conspiracy to launder proceeds of the fraud, according to Assistant U.S. Atty. Randall Lee. Oak and three other defendants were accused of creating a sham company that sold mortgage loans to Bank of San Pedro at inflated prices in the early 1990s. The bank lost $2.3 million and was seized by state regulators in 1994. Oak apologized in court for his actions. In sentencing Oak to 87 months, U.S. District Judge Lourdes Baird called his conduct “a disgrace.” An attorney for Oak had no comment.