Three defendants in the Pacific Savings Bank criminal case were found guilty of numerous counts of grand larceny and money laundering. Associate Justice Alexandra Foster presided over the case and read the verdict from the bench on November 9th, marking an end to a three week trial that culminated six years of investigation and litigation. All three were found to have conspired to steal money from the bank and conceal their crime.

The court agreed to release defendants Debbie Rengiil, Margo Llecholch, and Sherry Tadao on their own recognizance until sentencing, which took place on December 14, 2011. A money laundering conviction carries a jail term of not less than ten years, $2,500 fine, or both for each count; whereas, a grand larceny conviction carries jail time of not less than five years, $1,000 fine, or both for each count. Sherry Tadao and Debbie Rengiil each received a suspended 30-year jail term. Additionally, they’ll each have to pay $89thousand in restitution and $15thousand fine, and 140 hours of community service, which all must be satisfied within three years, otherwise, the suspended sentences shall be revoked and the two ladies would have to serve 30 years in jail. Margo Llecholech received a jail term of 25 years, also suspended. She must pay $54thousand in restitution, $10thousand fine, and serve 100 hours of community service within three years, otherwise, her suspended jail term shall be revoked.

In an amended complaint filed by Independent Council Lucky MacMahon on behalf of the government on September 29, 2011, over two hundred criminal counts of grand cheating, grand larceny, embezzlement, and money laundering were charged against the bank’s former president, Mack Timothy Taunton, and the above named three defendants for their role in the collapse of Pacific Savings Bank. After the sentencing hearing ended on December 14, 2011, new charges were filed against the defendants for similar acts committed during a different time period.

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