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Former CIO of Construction Supply Company Nets 37 Months in Prison
Former Chief Investment Officer of Construction Supply Company Sentenced to 37 Months in Prison in Bank Fraud Scheme
BROOKLYN, NY—Rodney Watts, 42, the former chief investment officer of GDC Acquisitions LLC (GDC), was sentenced today in federal court in Brooklyn, New York, to 37 months in prison, to be followed by five years of supervised release. As part of the sentence, Watts was ordered to pay more than $15 million in restitution and $18 million in forfeiture. In May 2013, the defendant was convicted, following three weeks of trial, by a federal jury on charges of bank, mail, and wire fraud; conspiracy to commit bank, mail and wire fraud; and false statements. Watts also served as the chief financial officer of GDC at one time. These charges arose out of the defendant’s scheme to defraud Amalgamated Bank, GDC’s asset-based lender, of $21 million in fraudulent loans. Watt’s co-defendant, Courtney Dupree, the former chief executive officer of GDC, was convicted by a federal jury in December 2011 of similar charges. In June 2013, Dupree was sentenced to 84 months’ imprisonment, to be followed by five years’ supervised release. As part of the sentence, Dupree was ordered to pay more than $15 ... more

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