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BRADENTON — Phil Coon, a former executive at Bradenton-based Coast Bank, will serve 18 months in federal prison after pleading guilty to one count of conspiracy to commit wire fraud and money laundering.
Prosecutors estimated that Coon took more than $1 million from roughly 150 Coast Bank customers through a small percentage surcharge on the bank's loans.
Coast Bank was acquired by St. Louis-based First Banks Inc. in November 2007. In 2009, First Banks sold nearly $300 million in preferred stock to the U.S. Treasury through the Troubled Asset Relief Program (TARP).
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