Former Bank of America worker sentenced for fraud

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Updated: 7/21 5:57 pm

LOS ANGELES (AP) — A former Bank of America employee was sentenced to 2 ½ years in federal prison for taking more than $1.2 million in bribes.

Federal prosecutors in Los Angeles said Monday that Kevin Lauricella was ordered to pay $5.7 million in restitution to Bank of America and forfeit his home bought with some of the bribe money.

Prosecutors say Lauricella used his position to approve fraudulent short sales, resulting in at least $5.7 million in bank losses.

Lauricella pleaded guilty in January to receiving bribes and making false entries in the bank's books and records. He worked for Bank of America in 2010 and 2011 and was responsible for negotiating short sale transactions, which is when a lender allows a property to be sold for less than the existing loan balance.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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