MADISON — 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.
The Clarion-Ledger reports Seneca O. McField was sentenced last 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.