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Luxury cars seized from ex-bank chief

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January 06, 2012|By Colin A. Young

Federal law enforcement officers seized three luxury cars yesterday from a Brockton man convicted in 1997 of defrauding the Massachusetts Bank and Trust Company.

Edward S. Buchanan, 75, was the company’s president at the time and was sentenced to 20 months in prison after he was convicted of misapplication of bank funds, currency structuring, and money laundering. Buchanan was ordered to pay fines and restitution to the Federal Deposit Insurance Corporation.

The US attorney’s office said Buchanan ignored orders to pay the $252,857.38 he still owes. As a result, officers yesterday seized a 1987 Rolls Royce Corniche, a 2008 BMW 328xi, and a 2010 Lexus RX350 from Buchanan. The US attorney’s office said the estimated combined value of the cars is $98,179.

“Victims of financial fraud, whether it be an individual or the public as a whole, have a right to be compensated for losses caused by criminal conduct,’’ US Attorney Carmen M. Ortiz said. “This office will aggressively pursue restitution for victims and deny offenders the enjoyment of the proceeds of their illegal activity.’’