Man sentenced in fraud case
Published 1:55 am Sunday, March 6, 2011
A Madison man has been sentenced to federal prison on charges of taking a $1.3 million bank loan to buy a Florida condo and instead spending the money on other things, including a Bentley car.
Seneca O. McField was sentenced Friday to seven years and 11 months in prison by U.S. District Judge Dan Jordan.
Jordan also ordered McField to pay more than $1.3 million in restitution to affected banks and financial institutions.
In November, a jury convicted McField of bank fraud and money laundering.
McField was accused of making false statements to Merchants and Farmers Bank in 2004 to secure the loan for a condo in Sarasota, Fla.
Prosecutors say McField spent $429,000 on a 2005 Bentley Arnage T vehicle.