NEW ORLEANS —
NEW ORLEANS — A former Ada investment broker who was convicted of embezzling nearly $3 million is scheduled to be released from prison May 24.
Jay L. Quinton, 49, has served 62 months of a 72-month sentence handed down in January 2005 and, according to a Federal Bureau of Prisons web site, is projected to be released Monday.
Quinton pleaded guilty in September 2004 to a scheme to embezzle funds from the First National Bank and Trust Company of Ada and to filing a false federal income tax return.
In January 2005, Quinton told a federal judge the embezzlement occurred from 2000 to 2003, while he was the manager of First Ada Financial Services, Inc.
Quinton admitted to embezzling approximately $2.8 million and failed to pay more than $500,000 in taxes. He was also ordered to pay $2,190,596.74 to the bank and $565,038.36 to the Internal Revenue Service.
“I’ll do whatever I have to do to help the situation I’ve caused,” Quinton told the court in 2005. “I want to correct what I’ve done.”
Quinton must also serve five years of supervised release after prison.
In an unrelated case, Quinton entered into a plea agreement in Pontotoc County District Court in October 2003 for embezzling $18,125 from a now defunct local non-profit organization known as Helping Hands Inc. He paid the money back plus court costs and received a three-year suspended sentence.
In August 2003, Quinton admitted to embezzling the money from Helping Hands while he was president. Helping Hands was an outreach center to feed, clothe and provide shelter to the homeless.
The organization closed in 1999 due to lack of funds.
Pillar of the community
“This case presents the court with a dilemma,” Chief United States Judge James H. Payne said while sentencing Quinton. “The unusual thing about this case is that the defendant has a great deal of support. The defendant was a pillar of his community, someone who cared about the community. People trusted him, but the same people who trusted him, he hurt deeply.”
Jim Hamby, CEO of Vision Bank, said after the trial that the sentencing was just.
“Jay performed a number of serious crimes against our customers, the people of Ada,” He said. “Justice has been done and we would like to put this behind us.”