November 24, 2014
By Bob Coleman
Editor, Coleman Report
“Faced with mounting professional and personal issues, I made decisions that have, and will, impact me for the remainder of my life,” said James A. Ladio, 58, the former chief executive of MidCoast Community Bank, in a letter to U.S. District Judge Richard Andrews.
“The debt was always manageable, but the salary of a community banker, while respectable, grows slowly and catching up was hard,” Ladio said.
“It was critical that the CEO be vested at a meaningful level, however, I invested beyond my means and after paying tax penalties for invading my pension funds, I found myself further in debt,” he writes.
“I knew this had ethical and regulatory consequences, but I did not consider the greater consequences. At the time it appeared to be the best of two evils,” Ladio said.