Denver – Two Florida men have been sentenced to 10 years in federal prison for their roles in the collapse of a Boulder bank.
Douglas Baetz and Glenn Gallant were ordered Friday to serve 10 years in prison followed by three years of supervised release.
Each was also ordered to forfeit more than $11.5 million.
They were convicted of fraud in 2005.
Their company, Century Financial, operated BestBank, which was declared insolvent in 1998.
Prosecutors said the bank issued about 500,000 subprime credit cards to high-risk borrowers with poor credit histories and claimed a portfolio worth more than $200 million.
Additional business news briefs:
DENVER
Frontier to stop flying Denver-Acapulco route
Denver-based Frontier Airlines plans to stop flying its seasonal Denver-Acapulco route. The airline previously planned to stop flying the route for one year, then resume it, but changed plans. Contributing to the decision was Acapulco’s reputation for crime and drug violence, which has affected tourism.
“Acapulco unfortunately of late has suffered from an image issue,” said Frontier spokesman Joe Hodas.
DENVER
Arguments in Nacchio appeal to be heard Dec. 18
Oral arguments in the appellate case of former Qwest chief executive Joe Nacchio, convicted on 19 counts of illegal insider trading, have been set for Dec. 18 at 2 p.m.
The hearing will occur at the 10th Circuit Court of Appeals in Denver. Nacchio is not expected to attend the hearing.
Last week, a three-judge appellate panel granted Nacchio’s request to remain free on bond pending the outcome of the appeal.
The ruling overturned U.S. District Judge Edward Nottingham’s order July 27 that Nacchio must begin serving his six-year prison sentence while his appeal is underway.
