Feds go after bank accounts of two convicted felons - KCBD NewsChannel 11 Lubbock

Feds go after bank accounts of two convicted felons

LUBBOCK, TX (KCBD) -

Federal prosecutors have petitioned a federal judge in Lubbock for permission to garnish the wages or other assets of two convicted felons. Both are high-profile cases that made big news when they happened.

Court records say Mary Frances Dunn owes $811,736.50 in restitution after having paid $200. Dunn, the former Assistant Vice President of Plains Capital Bank, was convicted in 2011 of Misapplication of Bank Funds. Although court records say she took most of the money while employed at Plains, she took a job at City Bank which then suffered the entire loss. Dunn is still serving a 51-month prison sentence.

Ironically, according to court records, the assets include money that Dunn has in two retirement accounts at City Bank totaling more than $140,000. The feds also seek to confiscate an account she has with Franklin Templeton Investments worth just less than $49,000.00.

Prosecutors are also seeking a garnishment against Robert Clifford Cowan and his wife. Cowan owes more than $4.2 million in restitution after having paid $17,607.42.

Cowan was convicted in 1997 of mail fraud in connection with a Ponzi scheme. He served 60 months in federal prison and was ordered to pay back his victims, many of whom trusted their life savings to him, according to court records.

Prosecutors want to confiscate an account he has with Wells Fargo worth nearly $5,000, and assets with American Credit Card Processing Corp., the value of which is not yet listed in court records.

Prosecutors are also seeking a portion of Cowan's earnings from a company called Light Power Solutions which pays Cowan as a contractor more than $2,800 per week. Cowan now lives in Alvord, Texas.

Copyright 2012 KCBD. All rights reserved.

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