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Bankers and Attorney Sentenced to Prison for Fraud
Bankers and Attorney Sentenced to Prison for Fraud, False Statements, and Making a False Claim Against the United States
PANAMA CITY, FL—Late yesterday afternoon, United States District Judge Richard Smoak sentenced Donald Terry Dubose, a/k/a “Terry Dubose,” 66, of Panama City Beach, Florida,
Elwood Ladon West, a/k/a “Woody West,” 40, of Monroeville, Alabama, and
Frank Alfred Baker, 62, of Marianna, Florida,
to federal prison due to their conviction on charges including conspiracy to commit wire fraud, wire fraud, making false statements, and filing false claims against the Federal Deposit Insurance Corporation (“FDIC”).
Coastal Community Investments (“Coastal”) was a bank holding company that owned Coastal Community Bank, based in Panama City Beach, Florida, and Bayside Savings Bank, based in Port St. Joe, Florida. Coastal Community Bank and Bayside Savings Bank both failed on July 30, 2010.
Dubose, the Chairman and Chief Executive Officer of Coastal and the largest Coastal shareholder, was convicted at trial of conspiracy, seven counts of wire fraud, three counts of making false statements to the FDIC, and one count of filing a false claim with the FDIC.
Dubose was sentenced to 48 months’ imprisonment.
West, the Chief Financial Officer of Coastal and a Coastal shareholder, ... more

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