John C. James, 59, the former head of a failed bank in Almelund, has been sentenced on federal charges of bank fraud and money laundering. On Sept. 8, federal Judge John Tunheim sentenced James to 18 months prison, three years of probation, 250 hours of community service and restitution in the amount of $1,342,688, according to the U.S. Attorneyís Office. James was the former chairman of the board of Town and Country Bank that declared insolvency in July of 2000. The bank failed after James and another man, Daniel Richmann of Ramsey, conspired to commit bank fraud. The case was brought by the U.S. Attorneyís office in partnership with the IRS and the FBI, and the Federal Deposit Insurance Corporation. Under the loan schemes, Richmann admitted that he and James used the bank as a private source of money, making loans that exceeded the legal limits of the bank.

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