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Ex-Coastal Bank & Trust executive gets 4 years for fraud conspiracy, obstruction

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Ex-Coastal Bank & Trust executive gets 4 years for fraud conspiracy, obstruction

A district judge sentenced the former president and CEO of Jacksonville, N.C.-based Coastal Bank & Trust, Robert Norris Jr., to 48 months in prison for bank fraud conspiracy and obstruction.

Norris pleaded guilty to both charges.

The United States District Court for the Eastern District of North Carolina ordered that the four-year imprisonment will be followed by three years of supervised release. Norris will also need to pay about $2.4 million in restitution, with $1.4 million to be paid to Coastal and $1.0 million to insurance agency Fidelity & Deposit Co. of Maryland

"This sentencing holds the defendant accountable for misusing his position as the bank president and CEO to fabricate fraudulent loans with straw borrowers, evade internal controls, and withhold information from the bank's board," Federal Deposit Insurance Corp. Inspector General Jay Lerner said in a press release.