Former Honor Finance CEO James Collins will serve four years in federal prison and must pay $67 million in restitution after pleading guilty to bank fraud in two separate but related cases, according to the United States Attorney’s Office for the Northern District of Illinois.

“From 2015 to 2018, Collins schemed with others to submit false information to a bank that had provided a $200 million warehouse line of credit to the company to fund its subprime loan portfolio. The false information allowed Collins to avoid posting additional collateral while maintaining funding from the line of credit that the company otherwise might have had to return to the bank,” a statement announcing the sentence reads, in part.

The bank in question, previously identified as Wells Fargo by Asset Securitization Report and other sources, reportedly suffered losses totaling $62 million. Collins also was accused of misappropriating $5.3 million of Honor Finance’s funds by co-creating a shell company used to purchase GPS devices sold to Honor at a markup.

Among Collins’s co-defendants is Robert DiMeo, Honor’s former COO, who prosecutors say is awaiting sentencing after pleading guilty to mail fraud.

Read more at DOJ.gov