News Release: Associated Press
August 22, 2014
PANAMA CITY, Fla. (AP) -- Three leaders of a failed Panama City Beach-based bank are heading to prison and have been ordered to pay back about $4.54 million to the Federal Deposit Insurance Corporation.
Donald Terry Dubose, Frank Baker and Elwood "Woody" West were convicted on fraud charges. Judge Richard Smoak sentenced them on Thursday.
The News Herald of Panama City reports Dubose, the president and CEO of Coastal Community Investments, was sentenced to four years in prison. Baker, the company's lawyer, was also sentenced to four years. West was sentenced to three years in prison.
The newspaper reports the men were accused of lying in 2008 to get the federal taxpayer money that was intended to keep the economy from tanking during a failing economy.
The bank collapsed months later.