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Mike Cora Marine ex-owner sentenced |
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Monday, 04 February 2008 |
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By Matt Burks
Courier Staff Benton resident Michael Spiro Cora was sentenced Thursday to six years’ probation and ordered to pay nearly $40,000 to victims involved in a check-cashing scandal.
Cora, 44, is a former owner of Mike Cora Marine at 20380 Interstate 30 in Benton. He was convicted Thursday in Saline County Circuit Court.
This case began June 22, 2006, after Audie and Katherine Prewitt of Whitehall notified Bryant police after purchasing a boat from Mike Cora Marine. They said Cora cashed a check issued through a New Orleans credit union that he was informed was not supposed to be used.
Prewitt explained that he was approved for a $39,589 boat loan through the New Orleans credit union, but before the check was issued, Hurricane Katrina struck the city. He said he was then advised by another branch of the credit union to seek financing from another source since it was unknown whether the loan check had left the bank before the hurricane.
Cora reportedly was made award of the situation by the Prewitt family and was asked not to cash the check from the New Orleans area credit union in the event that it was issued and mailed before the hurricane. The Prewitt family then obtained alternate financing from Simmons Bank to pay for the boat. However, they later learned that after paying for the boat, Mike Cora Marine received and cashed the check from the New Orleans credit union before filing for bankruptcy.
On Aug. 18, 2006, Cora was taken into custody and charged with theft of property lost, mislaid or delivered by mistake.
On Thursday, Cora appeared before Circuit Judge Gary Arnold and testified that he paid for his business bills with the money instead of returning it. He stated that he acted only as an agent of his corporation and should not be held criminally liable for acts he undertook on behalf of the company.
Arnold told Cora that Cora knew the check was issued in error and that it should not have been cashed.
He was found liable for criminal acts committed by the corporation and convicted of the charge of theft of property lost, mislaid or delivered by mistake. He was sentenced to six years of felony probation, during which time he must repay $39,589 to his victims or face potential revocation of his probation and a possible prison sentence.
“Agents of a corporation cannot hide behind corporate coattails to escape criminal liability,” Prosecuting Attorney Ken Casady said. “This was an unusual prosecution based on a little-used criminal statute that resulted in justice for two innocent victims.”
Cora was represented by attorneys Dustin Dyer and Parker Jones of Benton. The state was represented by Rebecca Bush, chief deputy prosecutor in Casady’s office.
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