DENVER—Two more defendants linked to the failure of Boulder-based BestBank were sentenced to prison Friday for conspiracy and fraud, federal prosecutors said.
Thomas Alan Boyd of Niwot was sentenced to serve seven years and six months in prison, according to the U.S. Attorney’s Office in Denver. He was fined $15,000 and was ordered to forfeit $4.7 million to victims.
Jack O. Grace Jr. of Berthoud was sentenced to six years in prison. He was fined $15,000 and was ordered to forfeit $92,000.
Last week co-defendants Douglas Baetz and Glenn Gallant were sentenced to serve 10 years in prison and forfeit more than $11.5 million each for their roles in the bank’s failure.
A fifth man, Edward Mattar, was scheduled for sentencing Oct. 19.
BestBank was declared insolvent in 1998. Prosecutors said the bank issued about 500,000 sub-prime credit card loans to high-risk borrowers and claimed a portfolio worth more than $200 million.
However the bank’s assets were overstated because many delinquent accounts were altered to appear to be non-delinquent, prosecutors said.
