A Knox County businessman, who pleaded guilty to defrauding two local banks of $1.4 million.
Through a scheme to float checks that were later returned because of insufficient funds, Fifty-three-year-old Gregory Joseph Wilcheck will serve three years in federal prison and must repay the money. Wilcheck returned to U.S. District Court in London Monday for a formal sentencing in the case.
Based on the pre-sentencing report, the sentencing range in the case was 46 to 57 months of incarceration.
“I assure you I am truly sorry,” Wilcheck said prior to the sentence being handed down.
U.S. District Court Judge Gregory VanTatenhove cited the amount of money involved, $1,408,870.68 from National City and Whitaker Banks, and the seriousness of the crime, in explaining how he reached the 36 month sentence.
“I know you are remorseful,” VanTatenhove said to Wilcheck, noting he was caught in some difficult and unique set of circumstances.
“I get the circumstances that you were facing,” VanTatenhove added. “You didn’t come up with a fraud scheme to get rich. You did it to save your business.”
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