PROVIDENCE, R.I. (WPRI) – Notorious banking crisis figure Joseph Mollicone appeared in court Wednesday to check up on his restitution payments to Rhode Island taxpayers after failing to cover the full installments last year.
Mollicone, 81, is currently paying $70 a month toward a $12 million tab he owes the state following his conviction for embezzling millions of dollars from the Heritage Loan and Investment Co., a Federal Hill bank Mollicone ran.
His theft helped trigger the banking crisis in the early 1990’s, which locked out thousands of Rhode Island depositors from accessing their money and sent a shockwave through the state’s economy…