More clarification from the U.S. Attorney’s Office involving the sentence of former Country Bank executive Dana Frye. He was sentenced to five years in prison last week and most federal sentences require defendants to serve 85-percent. Frye will self-surrender to a designated federal facility on April 13th. Although a U.S. Attorney’s Office press release indicated Frye must “immediately” pay $23.5 million in restitution, a public information officer says the money has not been paid and payment of the restitution ‘immediately’ is simply one of the choices the court makes regarding a payment schedule. It should also be noted that restitution orders remain in effect for a period of 20 years upon completion of an individual’s sentence or until the defendant is deceased.
The amounts of restitution in this case are to be paid to the following:
FDIC — $19.26 million
Greenwoods State Bank, Burlington, Wis. — $1.1 million
Blackhawk Bank & Trust, Milan, Ill. — $1.02 million
Citizens Bank of Mukwonago, Wis. — $1.69 million.
Frye admitted that he conspired with others to influence Country Bank to make loans to projects in which he held a personal financial interest. He was sentenced last Friday after pleading guilty to the charge last October.