Word: dimes
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BOSTON--Cambridge City Councillor William H. Walsh was sentenced to 18 months in prison yesterday for 41 counts of bank fraud and making false statements to the Dime Savings Bank of New York. Walsh was granted a stay pending appeal of his conviction...
Assistant U.S. Attorney Peter J. Mullin had asked for 36 months in prison, but federal Judge Mark L. Wolf handed down a lesser sentence because he said that Dime's policies encouraged the fraud...
...Dime Savings Bank virtually invited the commission of the crime," Wolf said...
Walsh was convicted of concealing second mortgages on loan applications submitted to the Dime Savings Bank, but Walsh and others contend that Dime knew about the second mortgages and did not care...
Wolf told Walsh during the sentencing that Dime's "egregious behavior" did not lessen Walsh's criminal responsibility...