CINCINNATI — Disgraced Northern Kentucky developer and convicted felon Bill Erpenbeck has been released from prison.
Erpenbeck, 63, was released May 24 from a federal prison in Florida, according to the Federal Bureau of Prisons.
Erpenbeck, who was considered an upstanding member of the community in the early 2000s, pleaded guilty to defrauding banks of $34 million in April 2003. He was sentenced to 30 years in 2004, but a judge later cut some of that sentence off. He served a little more than 21 years in total.
The homebuilder funneled proceeds from home closings back to his company and himself, allowing the developer to live a lavish lifestyle. Erpenbeck's schemes led to hundreds of homebuyers on the hook for millions in unpaid mortgages. Some homeowners had to foreclose on their new homes, and subcontractors along with banks also saw major losses.
Erpenbeck's convictions also led to the conviction of then-People's Bank president John Finnan for his role in the fraud.
Years later, Erpenbeck's protege, Michael "Mick" Kennedy, also pleaded guilty to the same crimes that put his former boss behind bars.
