S&L scandal figure, former Aspenite jumps to death | AspenTimes.com

S&L scandal figure, former Aspenite jumps to death

The Associated Pressand Aspen Times StaffAspen, CO Colorado

TAMPA, Fla. A key figure in the 1980s savings and loan scandal who later bilked nearly $9 million from investors in an Aspen mortgage business has jumped to his death in Florida.Hillsborough County, Fla., medical examiners office spokesman Henry Poage says Michael Wise jumped from the ninth level of a parking garage at Tampa International Airport on April 8. He was taken to a hospital but died in the emergency room.The former Aspen resident was 64.Wise, formerly of Emporia, Kan., had served as chairman of Denver-based Silverado Savings and Loan, whose 1988 collapse cost taxpayers $1 billion. A jury acquitted him of criminal charges in connection with that failure, but he was banned from banking for life.He later pleaded guilty to stealing from 44 investors many of them local in Aspen-based Cornerstone Private Capital LLC and served three and a half years in federal prison in Leavenworth, Kan.Wise had been president and CEO of Cornerstone. He pleaded guilty to two counts of federal wire fraud in July 1999 in U.S. District Court in Denver. In addition to the prison term, he was ordered to pay $8.7 million in restitution. At the time, Wise had already submitted to the liquidation of his personal property and assets, estimated in excess of $3 million.At his sentencing hearing, Wise apologized for his crimes and said he was willing to pay the price for what he had done.Ive hurt a lot of people, he told the judge. Im deeply, deeply sorry.

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