- Associated Press - Thursday, April 28, 2016

PHILADELPHIA (AP) - Two leaders of a defunct financial holding company, including a former Villanova University basketball player, have been convicted of using a circular loan scheme in an effort to defraud the U.S. Treasury Department’s bank bailout program seven years ago.

Philly.com reports (https://bit.ly/1rBuU4m ) a federal jury on Wednesday found 51-year-old Brian Hartline and 48-year-old Barry Bekkedam guilty of conspiracy to defraud the federal government, fraud against the Trouble Asset Relief Program and related offenses.

Bekkedam, a former Villanova basketball player, accused prosecutors of pursuing false charges and maintained his innocence.

Prosecutors say the leaders of Nova Financial Holding Inc. orchestrated a series of bogus loans to customers who would then invest the money back into the company to help the bank qualify for a $13.5 million bailout.

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Information from: Philly.com, https://www.philly.com/


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