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FORMER BANK OF NEW ENGLAND VP CONVICTED OF FRAUD

A former vice president of the failed Bank of New England was convicted Wednesday on 43 counts of fraud and embezzlement. Lewis Donald Shattuck was found guilty in US District Court of misapplication of bank funds, embezzlement, and making false entries.

Mr. Shattuck was originally charged with 49 counts of bank fraud that cost the bank more than $1.1 million.

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Prosecutors said that from February 1986 to January 1989 Shattuck was involved in falsifying bank records to embezzle funds for his own use and approving loans to local real estate developers from whom he then received kickbacks.