Ex-Bank Attorney Challenges Federal Repayment Plan After $7.4 Million Embezzlement Conviction

Jim Blose, a former general counsel for a bank, is contesting the repayment schedule set by federal authorities after his conviction for embezzling $7.4 million from three financial institutions in the Northeast. Under a plea agreement, Blose agreed to make full restitution, but the timeline for repayment is now at the center of a legal dispute. According to Blose’s attorney, Benjamin Allee, the terms are deemed unrealistic due to Blose’s current inability to work in either the legal or banking industries. Blose begins a four-year prison sentence at the Danbury Federal Correctional Institution in Connecticut on June 23, following a court order last month. The details of this case and the associated plea agreement have raised questions about the feasibility of restitution obligations for those facing permanent professional disbarment. Further information is available from Corporate Counsel.