“It is ironic that Mr. Carter argues that the political figures and financial institutions were victims of their own greed and corruption, as the same is true of him,” Beckwith said.
She said Dynus — which took out a multi-million dollar illicit loan in Butler County’s name with help from a county auditor and others — was a fraud from the start.
Carter himself pleaded for mercy, insisting he was in the dark on the deal while apologizing for the way things ended up. He thanked his family for support, apologized to the roughly 60 employees who lost their jobs and to those who invested in him.
“I’m remorseful for where I am today, however I must say that I maintain my innocence,” he said. “I look forward to the opportunity, at some point in the future I’m praying, to be able to get the whole story out.”
“Had I known what I know today, I probably would have dealt with some things a lot differently,” he said.
Carter was given a couple weeks to say his goodbyes and turn himself over to prison officials. His defense attorneys immediately filed a motion to let him out on bond while his appeal proceeds.
Beckwith also ordered Carter to pay part of roughly $4 million in restitution to Fifth Third Bank and more than $800,000 to the mortgage company that gave him a loan for his $1.2 million Maineville mansion — which a jury found he secured with false tax forms.
He was ordered to pay $1,100 in assessments to the court, but Beckwith waived any fine, saying it’s unlikely he’ll even be able to pay the restitution.
Beckwith said she was moved by the testimony of Ross Love, a prominent black Cincinnati businessman who invested in Dynus and guaranteed lines of credit, ultimately costing Love roughly $2.5 million.
“I have to characterize him as an individual who is frankly very self-centered,” Love said. “He cares about himself, and is willing to do things that hurt other people, and hurt them badly.”
In addition to costing him money, Love said Carter diminished Love’s ability to invest in other local businesses, donate to charity. He said it impacted the trust financial institutions have in the African American business community.
Those pleading for mercy in the case included Carter’s fiancé, pastor, and other members of the religious community.
They said Carter showed “character” throughout the trial, and talked of his devotion to his family, including his two children.
“My plea to you and to the court today....is to have mercy upon Orlando Carter because there is a greater consequence, and that consequence is on his children,” said the Rev. Eric White, Carter’s pastor.
Those watching included members of the Baptist Ministers Conference of Greater Cincinnati, which expressed concerns about the fairness of the trial, and an under-representation of African Americans on the jury.
“It seems like a lot of information was left out of the trial,” said Dock Foster Sr., president of the conference.
Carter was found guilty in August 2009 on 11 felony charges for his part in a scheme that cost two banks more than $10 million, caused his company’s 2005 collapse and ignited political scandal in Butler County.
While dipping into company coffers to fund his excesses, a jury found Carter played an active role in Dynus taking out $6.5 million in illicit loans from National City Bank in Butler County’s name — with help from local politicos — then using that fake deal to secure a line of credit with Fifth Third Bank.
He also had company employees make a fake W-2 to inflate his income so he could buy a $1.2 million Maineville mansion, and lied during bankruptcy proceedings.
Carter’s defense team filed for a delay in the sentencing Monday, June 7. They argue that there are unanswered questions that could affect his restitution. This includes whether Fifth Third Bank received any money from the sale of the Dynus building, worth $5 million in 2005.
Carter was the only one charged in the scandal to fight the charges. Former county auditor Kay Rogers, former company president Jim Smith and former employee Karin Verbruggen all pleaded guilty.
Verbruggen, the only one sentenced so far, was ordered to repay Fifth Third nearly $4.1 million, jointly with Carter and Smith.
Contact this reporter at (513) 820-2175 or jsweigart@coxohio.com.
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