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Abramoff, Kidan Sentenced to 70 Months

30 March 2006

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…"

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