In January 1995, Dana Scheer was convicted of misapplication of funds and filing false statements for events that occurred while he was an attorney for a Boynton Beach, Florida savings and loan that failed in 1985 and cost taxpayers over $640 million. Scheer was convicted based on the testimony of a bank executive who claimed that Scheer was aware of the fraudulent nature of the deals he worked on. Scheer was sentenced to four years probation and a $10,000 fine. After his conviction, Scheer discovered that the prosecutor had threatened the bank executive with jail time if he failed to testify against Scheer. In February 1999, the United States Court of Appeals for the Eleventh Circuit reversed his conviction and ordered a new trial because the prosecutor failed to disclose the threat. Scheer was never retried.