UPDATE: Affiliated Foods CFO Lex Martinez Gets 1 Year in Prison, $10,000 Fine

by Mark Friedman  on Friday, Oct. 14, 2011 4:20 pm  

U.S. Bank Senior Vice President Sue Geiger testified Friday that the bank has tried to collect all the money it is owed, but some creditors don't have the money to pay or don't owe the debt.

Much of Friday's sentencing hearing was spent trying to determine exactly how much U.S. Bank lost.

"I can't make heads or tails what exactly the loss was," Miller said at one point.

Ultimately, Miller said Martinez conducted the check-kiting to keep the company on life support.

"The company was going out of business anyway," Miller said.

After the hearing, Miller said he still wasn't sure exactly how much U.S. Bank lost as a result of the Martinez's crime. And Martinez didn't benefit directly from the check-kiting scheme, although he did hold onto his job for another five months, giving him an extra $48,000 in salary.

Miller told Whatley and Banks they could take their arguments to the 8th Circuit Court of Appeals.

 

 

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