CAMPBELL, Ohio (WYTV) – Prosecutors are withdrawing their motion to revoke the bond of the former Campbell mayor if he reports to prison by Wednesday afternoon.
The decision was made during a motion hearing in federal court on Tuesday.
Earlier this year, George Krinos pleaded guilty to securities fraud and tax evasion charges and was sentenced to nearly five years in prison. At that time, he was given until September to turn himself into prison authorities in Morgantown, West Virginia.
However, federal prosecutors now claim that Krinos has continued to sell phony securities to unsuspecting clients while free on bond — even changing his name on documents for his investment business. They also claim he has never paid off the nearly $2 million in restitution he owes to his previous clients.
The motion to revoke bond is being withdrawn on the conditions that Krinos submit to a debtor’s examination and report to FCI Morgantown by 2 p.m. Wednesday. As part of the agreement, he cannot incur new credit charges or open any additional lines of credit without prior approval from his probation officer, according to court documents.