MADISON - A Blanchardville man was sentenced Thursday in federal court to more than eight years in prison for his part in a bank fraud scheme.
Dennis O. Said, 63, was sentenced to 100 months in prison and ordered to pay more than $3.7 million to the Federal Deposit Insurance Corporation by U.S. District Judge Barbara B. Crabb.
Said pleaded guilty in August to two counts of fraud. He faced up to 40 years in prison and up to $1.25 million in fines.
Said, the former owner of Trucks 4 You in Blanchardville, received several millions of dollars in loans and then defaulted on the loans, causing First National Bank of Blanchardville to lose more than $3 million.
As a result of the fraud scheme, Said received about $6 million in fraudulently obtained loans and later defaulted on the loans. According to Grant C. Johnson, Assistant United States Attorney, Said caused the bank to lose about $3.788 million.
The bank collapsed in 2003 after former bank president Mark Hardyman made several loans to former Wisconsin Dells Motor Speedway owner Bryan Severson. Hardyman tried to hide the loans from the bank's board by having Severson write worthless checks.
Hardyman was sentenced to nine years in prison for his actions. Severson was sentenced to nearly 12 years.
Dennis O. Said, 63, was sentenced to 100 months in prison and ordered to pay more than $3.7 million to the Federal Deposit Insurance Corporation by U.S. District Judge Barbara B. Crabb.
Said pleaded guilty in August to two counts of fraud. He faced up to 40 years in prison and up to $1.25 million in fines.
Said, the former owner of Trucks 4 You in Blanchardville, received several millions of dollars in loans and then defaulted on the loans, causing First National Bank of Blanchardville to lose more than $3 million.
As a result of the fraud scheme, Said received about $6 million in fraudulently obtained loans and later defaulted on the loans. According to Grant C. Johnson, Assistant United States Attorney, Said caused the bank to lose about $3.788 million.
The bank collapsed in 2003 after former bank president Mark Hardyman made several loans to former Wisconsin Dells Motor Speedway owner Bryan Severson. Hardyman tried to hide the loans from the bank's board by having Severson write worthless checks.
Hardyman was sentenced to nine years in prison for his actions. Severson was sentenced to nearly 12 years.