Banker Who Defrauded Pension System To Be Released
ANNAPOLIS JUNCTION, Md. (AP) -- An investment banker convicted in 2004 of defrauding Maryland's state pension system is set to be released from jail after serving 4 1/2 years.
The Baltimore Sun reports in Friday's newspaper that Nathan A. Chapman Jr., once a politically connected broker, is scheduled to be released from federal custody on Friday.
Chapman, who worked as a state pension fund manager, was accused of using state money to buy his companies' stock to boost their value. But when the companies' value fell, the retirement system lost money. The jury that convicted Chapman of 23 counts of fraud and filing false tax returns estimated the amount lost at more than $5 million.
The Bureau of Prisons says Chapman was most recently assigned to a halfway house run out of Annapolis Junction.
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