The former chief executive officer of a St. Louis area firm has been sentenced to 22 months in prison in a $2.5 million bank fraud scheme.
The U.S. attorney’s office says 63-year-old Mary Ann Gibson was sentenced Thursday for inflating the cash flow of her struggling account marketing services company, Mozaic Group Ltd., to maintain and increase a line of credit from Enterprise Bank and Trust. Mozaic and Gibson eventually defaulted on the loan.
Assistant U.S. Attorney Lindsay McClure-Hartman wrote in a memo that Gibson blamed the recession, a minority investor in the company who kept scuttling its sale and company salespeople for the problems, the St. Louis Post-Dispatch reports.
Defense lawyer Sanford Boxerman wrote that Gibson was trying to keep the company going long enough to sell it and repay the bank.
In a letter, Gibson apologized and said the failure of the company cost her everything and ruined relatives.