BOSTON - Federal law enforcement today seized several luxury vehicles from a Brockton man for failing to pay federal criminal court-ordered restitution and fines stemming from his previous federal conviction.
In 1997, Edward S. Buchanan, 75, was convicted of defrauding the Massachusetts Bank and Trust Company. Buchanan, who had been the bank’s president at the time, was convicted of misapplication of bank funds, currency structuring and money laundering and sentenced to 30 months in prison and ordered to pay fines and restitution to the Federal Deposit Insurance Corporation (FDIC).
Presently, Buchanan owes $252,857.38 which is the combined amount from restitution, fines and interest. Buchanan has ignored repeated requests for payment of restitution by the United States Attorney’s Office. Today, law enforcement seized a 1987 Rolls Royce Corniche, a 2010 Lexus RX350, and a 2008 BMW 328xi, all registered to Buchanan, which have an estimated combined value of $98,179. The government has requested authorization from the court to liquidate the assets which will be applied toward Buchanan’s court-ordered restitution.
“Victims of financial fraud, whether it be an individual or the public as a whole, have a right to be compensated for losses caused by criminal conduct,” said U.S. Attorney Carmen M. Ortiz. “This office will aggressively pursue restitution for victims and deny offenders the enjoyment of the proceeds of their illegal activity.”
U.S. Attorney Ortiz and John Gibbons, United States Marshal for the District of Massachusetts, made the announcement today. The seizure and restitution is being investigated by the U.S. Attorney’s Financial Litigation Unit and the U.S. Marshals Service who are responsible for identifying assets and collecting outstanding court ordered restitutions and criminal and civil judgments. The matter is being handled by Assistant U.S. Attorney Chris Donato, Chief of Ortiz’s Financial Litigation Unit.