Ex-bank executive sentenced to 8 years in prison for fraud

OAKLAND, Calif. (AP) – A former executive of a San Francisco-based bank that received federal bailout money and was convicted of fraud has been sentenced to more than eight years in prison.

U.S. Attorney Melinda Haag said Tuesday 66-year-old Ebrahim Shabudin was sentenced to 97 months in prison for his role in a securities fraud scheme and other corporate fraud offenses.

A jury in March found the Moraga man guilty of conspiring with others within the bank to falsify key bank records as part of a scheme to conceal millions of dollars in losses and falsely inflate the bank’s financial statements.

Shabudin was Chief Operating Officer for United Commercial Bank between 2008 and 2009.

United Commercial Bank received $298 million from the Troubled Asset Relief Program, or TARP, in 2008 during the height of the nation’s financial crisis.

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