Former Bank CEO Gets 7-Year Sentence for Fraud
The former chief executive officer of the Bank of San Pedro was sentenced Monday to more than seven years in federal prison for defrauding the institution of millions of dollars, causing it to fold.
Lance Darryl Oak, 50, and two other defendants were convicted of federal charges in December. Prosecutors said they set up a sham company to purchase mortgage loans that were then sold to the bank at inflated prices. The bank lost at least $2.3 million as a result.
The bank, which had six branches in the South Bay, was closed by state regulators in 1994 after the scam came to light.
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