Thursday, February 7, 2013

Former Bank of America vice president to be sentenced Feb. 8

   More than six years after being fired from Bank of America's Kitty Hawk branch for his role in what is estimated to be a $13 million fraud, Loren Hamlin is scheduled to be sentenced in Federal Court on Friday, Feb. 8.
   During the six years since the discovery of the fraud, multiple law suits have been filed in both state and federal courts. The investment scheme that went awry has led to at least two bankruptcies filed as well as civil suits between various parties.
   And in a related case, a State Bar disciplinary hearing is set for March to consider complaints filed against former Kill Devil Hills Town Attorney Dan Merrell for a portion of his role in the matter.
   A plea deal for Hamlin was filed with the court about a year ago but has been kept under seal. The matter was set for hearing at that time, but the court agreed to a continuance so that a large piece of property in Perquirmans County that had been purchased with the absconded funds could be sold and placed against the amount of restitution. When the property sold at just a fraction of its original purchase price, another continuation was requested while attorneys for Hamlin apparently tried to change the portion of the plea agreement that dealt with the amount of restitution. And yet another continuation was granted after Hamlin informed the court that he was without legal representation because he could no longer afford to pay his attorney.
   Yesterday, in a flurry of last-minute filings, Hamlin's attorney asked the court to reduce the amount of his active sentence, but federal prosecutors countered with a filing opposing such a deal.
   Although the plea agreement is still sealed, the filings entered on Feb. 6 hint at what the terms may be and give Hamlin's version of what led to the theft.
   To read the request for reduced sentence, click here.
   To read the prosecutor's response, click here.

4 comments:

  1. Has anyone else been sentenced to jail time in this case?

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  2. I can't find any federal records indicating that anyone else has been charged. However, related to this case are some records that have been sealed by the court so can't venture a guess as to what they might reveal if opened.

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  3. Nags Head DeveloperFebruary 9, 2013 at 12:54 PM

    What Mr. Hamlin did was wrong. Unfortunately, he was the youngest and least wealthy of those involved and appears to be the fall guy. Sandy, you punished and took Mr. Tillet right out of his run for office by breaking this story at the right time. Mr. Tillet was punished some, but not equivalent to 6 years and 12 million worth Hamlin is getting stuck with paying up. Michael Lam has reputational damage, possibly some Real Estate Commission fallout, but that's no punishment at all as we are all sure he was the kingpin to the crime. Dan Merrell has issues, a loss of career for any amount of time is a big punishment, but not as tough as this young man Hamlin who can never work in a bank again and now will be applying for jobs in six years as an excon and 12 million to work off. I would like to think all involved should put up money to cover the restitution...that would equalize this crime to not scapegoat only unwealthy Hamlin, without enough money to defend himself. Size of one's checkbook should not interfere with equality of justice...but seems to be a reoccuring theme in North Carolina Courts. This one man has too much of the load. Even Bank of America should take some financial responsibility for the crimes they committed against Glenn Futrell, because of their lack of administrative controls to keep this kind of thing from happening in the first place.

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  4. Shame on you all for allowing this young man to take the fall for you! Mr. Hamlin did do wrong and as soon as the news came out, the rest of you ran for the hills.
    What kind of business men are you to lie and cheat others?
    Mr. Lams reputation along with Mr. Tillets run for office and Mr. Merrells good name being ruined is a drop in the bucket compared to the punishment Mr Hamlin has been dealt. He is married with three wonderful boys that will forever know your names.
    Sleep well gentlemen!

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