3 Former Bank Executives Sentenced

More Video...

PANAMA CITY-- Three months after their convictions on bank fraud, Terry Dubose, Elwood "Woody" West and Frank Baker walked into the federal courthouse in Downtown Panama City to learn their fate.

And they weren't alone.

A large number of family and friends came with them, some to testify to the good character of the men, who were accused of stealing nearly 4-million dollars from the federal deposit insurance corporation.

Dubose and west were executives with the panama city beach-based Coastal Community Bank.

Baker was Coastal's attorney and a major shareholder.

They used deception to obtain a loan from another bank.

When coastal failed, the FDIC was stuck with the loan.

After testimony and final attorney statements, Judge Smoak imposed the sentences.

He gave Dubose and baker four years in a minimum security prison for white-collar criminals.

West received a three year sentence.

While Judge Smoak agreed the men used sophisticated means and skills to get the money, he dismissed several enhancements to crimes, including obstruction of justice and abuse of trust.

All three will have to serve three years probation after their release.

But perhaps the harshest punishment Judge Smoak imposed is the 4-and a half million dollars the three men will have to repay the federal government.

US Attorney Littleton said this case and its final decision will resonate among the banking community for years.

Dubose, Baker and West will surrender to us marshals at noon on October 1st to begin serving their prison terms.

The attorneys for all three men say they plan to appeal both their convictions and sentences.


8195 Front Beach Road Panama City Beach, FL 32407 Station: 850-234-7777 News: 850-230-5221 Fax: 850-233-6647 FCC Form 398
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 272221071 - wjhg.com/a?a=272221071