Former officer of financing firm sentenced in fraud

Posted: September 14, 2012

A former executive of a Central Pennsylvania financing company was sentenced Wednesday to 20 years in prison on fraud and conspiracy convictions in a $53 million loan fraud scheme that precipitated the sale of the company and hundreds of layoffs.

A federal judge in Philadelphia also ordered Michael Schlager, 51, of Lancaster, former Equipment Finance senior vice president, to pay back the entire amount taken in the scheme that toppled the Lititz firm and its parent companies.

Former company official Joseph Braas was sentenced Tuesday to 15 years.. - AP

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