Bank Executive Found Guilty in Fraud Case

CONCORD, NH—The former bank executive involved in the fraud case that took down an ex-international trade finance manager for Goss International has been found guilty of conspiracy to commit wire fraud, The Enterprise reported.

James Bender, 48, a former Sovereign Bank vice president of trade finance, was accused of conspiring to defraud several Latin American clients of Goss International. Bender, according to the U.S. attorney’s office, arranged for the bank to purchase loans extended to clients and created shell companies to defraud businesses. Customers were sent bogus invoices charging them for loan underwriting services that were never performed.

Paul Wilson, the former Goss finance manager, pleaded guilty to three counts of wire fraud last August and was sentenced to a year in prison. Bender will be sentenced in September.

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  • Richard Phelps

    One year, that’s all? I wonder how the affected feel about that. The guy will probably sit and calculate for the year how to do it again once he gets out.

  • Jeff Leighton

    Actually Richard, Wilson’s total time served in "Club Fed" (or rather "Camp Fed" in his case) is likely to be less than a year. Wilson may get out after only nine or 10 months, and I’m assuming this abbreviation was in exchange for serving as the prosecution’s key witness in nailing Bender on as many counts as possible. Bender’s sentence and fines may end up being several times larger than Wilson’s, and I imagine Bender will have plenty of time to stew about that. As for Wilson, I rather doubt that his is a truly "rehabilitated" lot although one would think his credibility & career have been shredded. Whatever the case, he’s got two years of supervision after he gets out. If nothing else, I am sure that the int’l business school that Wilson and Bender attended at the same time(?) is not desirous of any association with these two!