Obama fundraiser found guilty of bank fraud
Nice company you're keeping there, Barry. You going to return the money this guy raised for you too?
Courtney Dupree was convicted of vastly overstating the billings of his Long Island City-based lighting company GDC Acquisitions in order to fraudulently obtain a loan from Amalgamated Bank.
Dupree, 42, sat stone-faced as the verdict was read in Brooklyn Federal Court. He faces up to 30 years in prison and has to pay back at least $18 million.
Meanwhile, the jury that convicted Dupree also acquitted his company lawyer, Thomas Foley, 45.
"The jury rejected an FBI effort to ensnare a lawyer because of his client's conduct and we are very grateful," said Foley's defense attorney, Joseph Ryan.
Dupree was done in by a mountain of paperwork, which prosecutors said proved he was a crook, and by testimony from cooperating witnesses who were involved in the scheme.
"This is a case about lying to a bank to get money," Assistant U.S. Attorney David Woll told the jury during the trial. "It is about telling lies over and over again in order to grab millions of dollars of the bank's money."
Obama will probably pardon the guy. After all, he's an ex-basketball star at the University of North Carolina.