Published: Oct 27, 2011 3:30 AM EDT
Updated: Oct 27, 2011 3:41 AM EDT

NAPLES, Fla. - Three South Florida men have been sentenced to time in prison for their roles in the Orion Bank conspiracy. The Naples based bank was shut down by financial regulators in November 2009.

Thomas Hebble, a former VP in Naples, was sentenced to two-and-a-half years in prison. Angel Guerzon, a former bank executive from Palm Beach Gardens, was sentenced to two years behind bars. And Francesco Mileto, a former borrower, received five-and-a-half years in jail.

The men pleaded guilty in May but didn't received their sentences until this week.

According to federal prosecutors, the failed bank loaned more than $80 Million to Mileto, with $15 Million returned to the bank for the illegal purchase of stock. Prosecutors say that allowed the bank to hide loan losses.

Financial regulators shut down all 23 branches of Orion almost two years ago. Iberia Bank later took over the bank. The FDIC says the failure cost the government $615 Million.

Jerry Williams, the bank's Ex-CEO, is still awaiting trial. He's pleaded not guilty and if convicted he faces up to life in prison. Hebble, Guerzon and Mileto are all cooperating with prosecutors and are expected to testify against Williams.

Hebble and Guerzon were ordered to repay the FDIC $33 Million and Mileto was asked to pay $65 Million to the FDIC.