Newspaper article THE JOURNAL RECORD

Bazarian Meted $10,000 Fine, 5-Year Sentence

Newspaper article THE JOURNAL RECORD

Bazarian Meted $10,000 Fine, 5-Year Sentence

Article excerpt

Russell Tuesday sentenced former real estate investor Charles J. Bazarian Jr. to 5 years in jail, three years probation and a $10,000 fine for fraudulent activities that caused large losses in the savings and loan industry.

Bazarian, 50, former chairman of CB Financial Corp. in Oklahoma City, was sentenced to:

- Four years in prison for one felony count of wire fraud filed by the U.S Attorney for the Central District of California. The count is related to a scheme to defraud auditors and regulators of the Consolidated Savings Bank and the American Diversified Savings Bank in California, according to the complaint filed.

- One year in prison for one misdemeanor count of failure to file federal income taxes in Oklahoma. The sentences are to be served consecutively.

- Three years probation for one felony count of equity skimming.

- A $10,000 fine for submitting false statements to U.S. Department of Housing and Urban Development. Those statements were made through his now defunct company Bazco Investments, which Bazarian said served as an intermediary for obtaining large lines of credit from investors to put into low-income housing projects.

Bazarian will serve his prison sentence in the federal prison at El Reno. Russell said he would request that prison physicians make a decision on where and how to best treat Bazarian, whose doctor testified is suffering from coronary heart disease and severe diabetes.

"While I am sympathetic with your medical condition, at the heart of the scandal which involved HUD, it's certain your conduct was at the core of the downfall of the S&L system," Russell said. …

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