ST. LOUIS (CN) - The former president of First Bank Mortgage was sentenced to 366 days in federal prison for his involvement in the misapplication of $35 million. Mark Turkcan, 54, will also have to pay restitution of more than $24.6 million.
The scheme may have begun as early as 1987, when Turkcan was employed by Sheahan Financial, which was purchased by First Bank, court documents state.
The misapplications at Sheahan were from hedge positions taken on behalf of Sheahan.
Turkcan became president of First Bank in 1990 and continued to buy and sell mortgage-backed securities as part of his job. At the same time, prosecutors say, the unauthorized borrowings continued and were covered up by destroying or changing records.
To cover the misapplications, Turkcan borrowed against the mortgage-backed securities of First Bank and created false trade tickets and Bear Stearns confirmations.
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