Ex-bank official gets 18 months for taking gifts

January 16, 1998|By Jamie Stiehm | Jamie Stiehm,SUN STAFF

Stephen G. Boyd, a former senior vice president of the Bank of Glen Burnie, was sentenced yesterday to federal prison for 18 months and fined $4,000 for accepting lavish gifts from a political contributor in return for $6 million in improper loans from the bank.

Boyd, 57, formally pleaded guilty to accepting an illegal gift of a golf trip to North Carolina from Brian H. Davis, a Baltimore trucking company owner and once one of Maryland's most prolific campaign donors.

Davis is serving a 63-month sentence in federal prison after pleading guilty to bank fraud and tax evasion charges last year. Among the 19 politicians receiving his donations was Gov. Parris N. Glendening.

Boyd was the chief lending officer at the Glen Burnie bank who approved loans to Davis -- and "straw borrowers" -- that later turned out to be fraudulent.

Davis' schemes are estimated to have cost the Glen Burnie bank $6 million.

U.S. District Judge Marvin J. Garbis called Boyd "one of the many victims of Mr. Davis' Svengali-like actions." Garbis found that the loans directly related to the illicit gifts were worth $1.2 million.

The judge said the sentence imposed on Boyd was on the "low end" of a sentencing guidelines for the white-collar crimes committed. The maximum jail time is 24 months.

Pub Date: 1/16/98

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.