Double-listed the company’s assets to induce a bank to continue financing its operations.

Steven Garfinkel, former chief financial officer of defunct health-care finance company DVI, was sentenced to 30 months in prison and ordered to pay $51 million in restitution, reported the Philadelphia Business Journal.

Last December, Garfinkel pleaded guilty to mail fraud and to violating the provision of Sarbanes-Oxley that requires CEOs and CFOs to certify financial reports filed with the Securities and Exchange Commission.

DVI provided financing to health-care providers seeking to purchase or lease diagnostic medical equipment; in turn, DVI secured financing from Fleet Bank (since acquired by Bank of America). According to U.S. Attorney Patrick L. Meehan, in a statement last November announcing the charges, Garfinkel defrauded Fleet by double-listing approximately $50 million in assets to induce the bank to lend money to DVI. The finance chief then falsely certified a quarterly report, Meehan also alleged.

[1] CFO.com: CFO to Pay $51M for Fraud, Sarbox Breach