Two Hundred Dollars? Where am I going to get two hundred dollars?

This is interesting in terms of how it impacted Wachovia and of course makes me wonder how many other situations were like this with Wachovia loans.

But the other thing that struck me about this press release was the closing part:

"If convicted, the defendant faces a maximum possible sentence of 35 years imprisonment, a $1,250,000 fine, five years supervised release, and a $200 special assessment."

I'm sure the guy's saying to himself…"Two hundred dollars? Where am I going to get two hundred dollars??"

Here's the full press release from the U.S. Department of Justice:

United States Attorney's Office
Eastern District of Pennsylvania
Contact: Patricia Hartman, (215) 861-8525

PHILADELPHIA – Acting United States Attorney Laurie Magid today announced the filing of an information1 against Paul James Speese, the former CEO and co-founder of Datavision, Inc., for participating in a conspiracy to make false statements to Wachovia Bank for the purpose of influencing Wachovia’s actions on a loan to Datavision. Datavision was a privately held company in Warminster, Pennsylvania, that distributed automatic data capture and point-of-sale products and related voice, data and telephone products. The defendant is charged with one count of conspiracy and one count of making a false statement to a bank.

The information alleges that Speese, together with others, falsely represented to Wachovia in or about March 2004 that Datavision’s accounts receivable were over $9.6 million, when in fact, Datavision’s true accounts receivable totaled approximately $5.3 million.

DEFENDANT	CITY	AGE
Paul James	Speese Doylestown, PA	53

If convicted, the defendant faces a maximum possible sentence of 35 years imprisonment, a $1,250,000 fine, five years supervised release, and a $200 special assessment.

The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Anthony Kyriakakis.

UNITED STATES ATTORNEY'S OFFICE EASTERN DISTRICT, PENNSYLVANIA Media Contact Suite 1250, 615 Chestnut Street Philadelphia, PA 19106

Contact: PATTY HARTMAN 215-861-8525

COPIES OF NEWS MEMOS AND RELATED DOCUMENTS CAN ALSO BE FOUND AT
www.usdoj.gov/usao/pae

1An indictment or information is an accusation. A defendant 1 is presumed innocent unless and until
proven guilty.

Press Releases | Philadelphia Home

Tagged with: wachovia datavision • wachovia loan • wachovialoan

Filed under: USDOJ

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