UPDATED, 4:50 PM: William Sadleir, the former chief executive of Aviron Pictures, was sentenced today to 41 months in prison for applying for and receiving $1.7 million in loans under the Paycheck …
He had pleaded guilty March 16 in Los Angeles to one count of bank fraud and one count of money laundering.U.S. District Judge Dolly M. Gee who also ordered Sadleir, 68, of Beverly Hills, to pay $282,566 in restitution.The former chairman and CEO of Beverly Hills-based Aviron Pictures was sentenced today to 41 months in federal prison for applying for and receiving $1.
Sadleir spent most of the fraudulently obtained loan proceeds on utility bills, mortgage expenses, and his personal lawyer. He did not use any of the fraudulent loan proceeds to pay employees of the Aviron companies. The plea in United States District Court saw Sadleir, 67, of Beverly Hills, agree to plead guilty to one count of bank fraud and one count of money laundering. Sadleir is scheduled to formally enter the guilty pleas on March 16.Serenity
According to court documents, Sadleir obtained the loans for three Aviron entities by falsely representing that the funds would be used to support payroll expenses for 33 employees at each company, when, in fact, the entities were no longer operational.
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