Convicted bank officer faces up to 145 years in prison

OAKLAND, Calif. -- Late Wednesday a jury found a banking executive who was involved in one of the largest bank failures in the 2008 financial crisis guilty on seven counts of conspiracy, securities fraud and related corporate fraud

offenses, federal prosecutors said Friday.

Ebrahim Shabudin, a 66-year-old resident of Moraga, faces a total overall maximum term of 145 years in prison, 27 years of supervised release $16,750,700 in fines, according to federal prosecutors.

Shabudin was one of the top officers in executive management at the now defunct United Commercial Bank, known as UCB, which received $298 million in federal funds through the Troubled Asset Relief Program in November of 2008, according to prosecutors.

The bank was taken over by the Federal Deposit Insurance Corporation, or FDIC, in 2009. In 2014, the FDIC estimated related losses to the Deposit Insurance Fund at roughly $677 million.

Federal prosecutors say that Shabudin conspired to falsify key bank records and conceal millions of dollars in losses in 2008.

He's been convicted of conspiracy to commit securities fraud, securities fraud, falsifying corporate books and records, making false statements to accountants, circumventing internal accounting controls, conspiracy to commit false bank entries, and false bank entries.

His sentencing hearing has been scheduled for June 30.

UCB's Chief Financial Officer Craig On and Senior Vice President Thomas Yu pleaded guilty to conspiracy charges in 2014, according to prosecutors.