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But the profits were largely a mirage, federal prosecutors discovered. The loans Omni doled out quickly ran into trouble as borrowers — many of whom had little money and poor credit — defaulted, pushing the homes into foreclosure.
Levine, 68, Omni’s executive vice president, pleaded guilty Thursday to bank fraud for altering the books to obscure the losses and grossly mislead bank regulators, shareholders and others.
He is believed to be the first Georgia bank executive to face jail time — up to 30 years — for his actions during the state’s banking crisis. Thirty Georgia banks including Omni have failed, the most of any state.
Levine is scheduled to be sentenced on March 23 and could also face a $1 million fine.
Read more from the Atlanta Journal
