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.