Jan 15 2009

Knoxville News Sentinel:

Edwin Whitehouse, chief executive of failed Maryville company Procynet and its subsidiaries, pleaded guilty today in U.S. District Court to three counts of bank fraud.

Whitehouse, 47, is to be sentenced May 20 pending a pre-sentencing report and faces a maximum prison term of 30 years and a $1 million fine. The plea deal also calls for restitution. He is accused of bilking three area banks out of nearly $17 million.


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