Friday, February 8, 2013
Hamlin sentenced; order sealed
Former Bank of America vice president, Loren Hamlin was sentenced on Friday, Feb. 8 in federal court held in Raleigh. Although the sentence was written on the docket report, the plea agreement has been sealed by the court. Below is the entry from the court docket. For more information, see previous post.
"Minute Entry for proceedings held before Chief U.S. District Judge James C. Dever III in Raleigh: Defendant present with counsel and Assistant U.S. Attorney present for USA - Defendant sworn. Sentencing held on 2/8/2013 for Loren F. Hamlin (1). Count 1: Bureau of Prisons - 78 months - Supervised Release - 5 years with special conditions imposed - Special Assessment - $100.00 due in full immediately - Restitution - $12,010,536.00 due in full immediately - Interest Waived. Recommendations by the Court: Receive intensive substance abuse treatment - Place of incarceration at the Federal Correctional Institution in Butner, North Carolina. Defendant advised of appeal rights. Allowed to self report as directed."
Reporting to prison delayed. Click here for order.
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Wonder how many license plates equals 12 million samollians. Zounds!
ReplyDeleteWonder how this will effect the NC Bar hearing set for Dan Merrell. Hard to believe that Hamlin was the only one that has been found guilty of a crime.
ReplyDeleteWhere did the money go? I consider myself pretty versed on this matter, but a quick summary would be nice. This occurred how many years ago...I know the bank returned the investment money to the two local developers, but where did the bank's money go, to purchase the land in Perquimins? How much did that property recently sale for.
ReplyDeleteThis happened in 2006 and the bank lost the $13 million used to purchase the land in Perquimans County. That property was included in a bankruptcy filed by Mike Lam and it went on the auction block last year but sold for just $2 million. A portion of that was used to pay the related costs of the auction which leaves about $12 million yet to be recovered. The court ordered that Hamlin make restitution in that amount. He recently has appealed the court's ruling and his sentence. Details of the appeals are not yet available.
ReplyDeleteHard to believe that property that isn't rightfully yours can be auctioned off to pay your debt. Twisted!One would think if a bank can repo a car/trailer/house, it could also repo this land and sell it accordingly. Can't believe Hamlin is taking the fall for the "other guys" when they were the ones to make a huge profit here.
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