Court Ruling Favors Victims of Bank Scam - Victory by Levin Tannenbaum
Court ruling favors victims of bank scam
By John Hielscher
Published Sarasota Herald-Tribune: Tuesday, July 21, 2009 at 1:00 a.m.
It took nearly six months, but a federal appeals court has denied motions to reconsider its decision that awarded victim status to hundreds of Coast Bank loan customers. Those Coast borrowers are now closer to sharing in restitution that will be paid by former Coast banker Philip W. Coon and his co-conspirator loan skimming.
The court's ruling also should help clear the way to imprison Coon, who pleaded guilty to federal charges in November. Sarasota attorney Alan Tannenbaum, who represents 156 Coast customers, said Monday he was happy to finally get the ruling.
"We hope for a speedy path to having the restitution claims completed, so that the borrowers who have lived with this thing for years can put this behind them," Tannenbaum said.
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