John Finnan, 51, former president and co-founder of now defunct People’s Bank of Northern Kentucky was sentenced to 5 years and 3 months in federal prison and Marc Menne, 48, executive vice-president of the same institution was sentenced to 4 1/2 years in connection with their role in the Erpenbeck mortgage fraud. Finnan and Menne pleaded guilty in June to three felonies each arising from their actions in keeping Erpenbeck Co. – including allowing overdrafts and making unauthorized loans. Finnan and Menne also ran a company known as JAMS Properties that bought Erpenbeck homes and cost and sold them at inflated values – splitting the extra money with Bill Erpenbeck.
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Erpenbeck Bankers Sentenced
Wednesday, January 26 2005 04:32
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Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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