Former bank exec pleads guilty in bribery case

June 13, 2008 11:33:15 AM PDT
Federal prosecutors say a former vice president of Fleet Bank and its successor, Bank of America, has pleaded guilty to bribery and fraud for rigging bids on Fleet's sale of distressed loans. Acting U.S. Attorney Nora Dannehy says Kevin J. O'Keefe pleaded guilty Wednesday in U.S. District Court in Hartford to one count of conspiracy to commit financial institution bribery and one count of bank fraud.

Prosecutors say the 48-year-old Middletown resident conspired to create shell companies bidding for Fleet's distressed loans. O'Keefe, who worked at Fleet and Bank of America from 2001 to 2007, used his position to obtain confidential information.

Authorities say O'Keefe and others made more than $1.5 million from the schemes.

O'Keefe's lawyer says his client pleaded guilty because he regrets his misconduct.

He faces up to 35 years in prison and a fine of more than $1 million. Sentencing is set for Aug. 29.