Guilty verdict for Nova Financial executives
A federal jury on Wednesday found two leaders of the defunct Nova Financial Holding Inc. guilty of a scheme to defraud the U.S. Treasury Department's bank bailout program in 2009.
A federal jury on Wednesday found two leaders of the defunct Nova Financial Holding Inc. guilty of a scheme to defraud the U.S. Treasury Department's bank bailout program in 2009.
Prosecutors charged that Barry R. Bekkedam, the bank's founding chairman, and Brian M. Hartline, its chief executive, orchestrated a series of fraudulent loans to customers who would then invest the money back into Nova in a bid to qualify for $13.5 million in federal bank bailout funds.
The scheme fell apart after the treasury department rescinded its offer of bailout money for unrelated reasons. Nova, of Berwyn, was closed by the Federal Deposit Insurance Corp. in October 2012.
The jury deliberated for four days before returning its guilty verdict.
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