San Francisco bank executives cooked their books and lied to auditors just before they accepted a $298 million taxpayer bailout, federal prosecutors said Tuesday.
They now have the distinction of being the first senior executives of a bank that received federal bailout funds to be criminally charged in connection with a scheme to defraud the government and American taxpayers.
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Two former officials of the failed San Francisco-based United Commercial bank that received a $298 million loan from the federal government have been charged with securities fraud.
The bank ultimately failed and cost the Federal Deposit Insurance Corp. an estimated $2.5 billion.
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