Banker Convicted Of Defrauding Md. Pension System Released From Prison
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BALTIMORE (WJZ)– Out from behind bars. An investment banker convicted of defrauding Maryland’s state pension system is set free Friday.
Mike Hellgren reports on Nathan Chapman’s fall from the highest political circles.
Nathan Chapman made history as the first African-American to take a financial services firm public. He rubbed elbows with governors and had a luxurious office overlooking the Inner Harbor.
Then, he fell. Hard.
“It was never my intention to defraud anyone,” Chapman said.
He defrauded the state pension system of thousands of dollars for the retirements of teachers and police officers before a former employee blew the whistle.
“I told him this is not right, steal money from people,” Sonya Mitchell, a whistleblower, said.
…And spent the last four and a half years in federal custody.
Before his release, Chapman was last serving time at a halfway house run out of a prison office in Annapolis Junction.
In the years that followed Chapman’s conviction, federal prosecutors have continued to hone in on public corruption, most recently convicting former Prince George’s County Executive Jack Johnson saying he sold his office to the highest bidder. And whose legal team included one of Chapman’s lawyers.
“You want to promote a system where the honest people have a fair chance,” U.S. Attorney Rod Rosenstein said.
“It’s not an exaggeration to say that the resources of the federal government and the U.S. attorney are virtually limitless,” said Legal Analyst Andy Levey.
It’s unclear where Chapman is going next to rebuild his life and his reputation.
Chapman was born in Baltimore and attended divinity school at Howard University before heading to prison.