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Ex-Bank Executive Unable to Pay Restitution, Lawyer Says

Robert E. Boczkiewicz Published: November 13, 1993

Coats also argued a jury's December convictions of Mitchell should be overturned because prosecutors' evidence was not sufficient.

Assistant U. S. Attorney William Lee Borden Jr., one of the prosecutors, argued the convictions and all but $470,000 of the restitution order should be upheld. The evidence was sufficient, he said.

West sentenced Mitchell to five years of probation and 208 hours of community service each of the five years. The FDIC had sent the judge a letter asking for a stiff prison sentence for Mitchell, claiming that he had "blatantly abused his power" as a banking official and was involved in 20 failed banks with a total asset base of $11 billion dollars.

"The FDIC, FSLIC or institutions which later came under receivership by these agencies filed proofs of loss in Mitchell's bankruptcy totaling in excess of $18,703,841.92," the letter stated. "The FDIC eventually lost in excess of this amount considering the associated legal fees, related litigation costs and general receivership expenses. " The three-judge appellate panel took the case under advisement.

Staff writer Ed Godfrey contributed to this report BIOG: NAME:

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