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Report: Ex-AnchorBank exec acquitted

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

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Report: Ex-AnchorBank exec acquitted

David Weimert, former seniorvice president of Madison, Wis.-based AnchorBankfsb, was released from a minimum-security prison after the U.S. Courtof Appeals acquitted him of wire fraud, TheWall Street Journal reported.

The appeals court reversed Weimert'sconviction in a two-to-one decision delivered April 8, concluding the former bankexecutive's negotiation approach was not criminal but a standard negotiation tactic,according to the publication.

In overturning the conviction,Judge David Hamilton wrote Weimert's actions do not add up to wire fraud and addedthere is no evidence the former executive "misled anyone about any materialfacts or about promises of future actions," the Journal reported April 11.

Prosecutors at the U.S. Attorney'sOffice in Madison are working with the U.S. Justice Department to decide if theyshould seek a rehearing, the newspaper added.

In April 2015, Weimert was convictedof wire fraud chargesand in June 2015, was sentenced to 18months in a federal prison.He was ordered to report to prison in September, and was originally scheduled forrelease in January 2017, according to the news story.

AnchorBank fsb is a unit of Anchor BanCorp Wisconsin Inc.