In February, the judge had found that the former Arizona governor had intentionally given pension funds false financial information as to his worth. It was also found and that the funds relied on that information in making the loan.
The judge ordered Symington to pay $17.4 million to the pension funds in connection with the failed development deal. The amount included accrued interest.
Under the terms of the settlement agreement, the negotiation of which began at the judge’s request, Symington will pay the greater of $2 million or 40% of the money he will inherit when his uncle dies.
Symington filed for Chapter 7 personal bankruptcy in October 1995 and resigned as governor in 1997 after he was convicted of multiple counts of criminal fraud stemming from his issuing false financial statements.
However, the convictions were thrown out in 1999, after a court found that a juror had been wrongfully dismissed from the jury. Prosecutors had not made a final decision on a retrial when the ex-governor received a pardon from President Clinton.
– Camilla Klein email@example.com
Read more at Funds to Recover Millions from Former Governor .