A former bank president turned fugitive who fled to Utah in 1990 and lived here under an assumed name has been sentenced to pay $12 million in restitution and serve a 30-year sentence in Rhode Island.
Joseph Mollicone was also sentenced by Rhode Island Superior Court Judge Dominic F. Creston to pay an additional $420,000 in fines after a 12-member jury found him guilty of 26 counts of fraud and embezzlement in April.Mollicone, 50, embezzled an estimated $15 million from his small Providence bank, Heritage Loan and Investment Co. The bank's collapse in 1990 lead to the collapse of privately insured credit union system RISDIC.
Mollicone lived 18 months in Salt Lake City under the assumed name John Fazioli.