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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 sub-prime credit cards to high-risk borrowers with poor credit histories and claimed a portfolio worth more than $200 million.
