MIAMI, Florida – As reported by the Florida Sun Sentinel: "Disgraced
super lobbyist Jack Abramoff and former business partner Adam Kidan
were sentenced Wednesday to 70 months in prison and ordered to pay more
than $21.7 million in restitution to the bank they defrauded.
"But as expected, Miami federal court judge Paul Huck stayed
the sentences for 90 days so Abramoff and Kidan can continue working
with authorities in a potentially widespread bribery and influence
peddling investigation on Capitol Hill. Huck has the discretion to
lower their prison time once their cooperation is evaluated.
"…Kidan, 41, added that he's accepted full responsibility for
his role in the wire fraud scheme, an apparent shot at Abramoff, who
recently filed a court motion that not only asked for leniency but also
blamed Kidan for much of the bank fraud scheme to purchase the Dania
Beach-based SunCruz Casinos gambling ships.
"…In addition to potential prison time, Assistant United States
Attorney Lawrence D. LaVecchio said that the men owe $21,701,015.45 to
Foothill Capital Corp., the financing firm in the $147.5 million sale
of the Dania Beach-based SunCruz Casinos. It proved an ill-fated deal,
ending with possible prison terms for Kidan and Abramoff, who raised
more than $100,000 for President Bush's re-election campaign. Six
months after the sale, the floating casinos' founder, South Florida
entrepreneur Konstantinos 'Gus' Boulis, was murdered.
"The bank fraud case revolved around a stipulation in Foothill
Capital's $60 million loan that Abramoff and Kidan pay Boulis $23
million of their own money at the closing. But when they couldn't come
up with the down payment, Abramoff and Kidan came up with a plan to
have Boulis sign promissory notes and then the three of them faked a
wire transfer showing the $23 million had been paid…"
