Former FBI informant convicted in series of bank robberies

A federal jury on Friday convicted a former FBI informant in a series of bank robberies that happened years after he was dumped as a snitch.

Michael Giubilo was convicted on all nine counts and faces at least 80 years in prison, the U.S. Attorney's Office said.

Giubilo, 61, of Belleville, was an FBI informant for more than 20 years, the office said. That service ended in 1997 after a federal judge barred his further use, citing continued criminal activities, including weapons possession and drug use.

Authorities said an anonymous tip led the FBI to arrest Giubilo as he was about to enter the Bank of New York in Millburn on March 8, 2004.

He is to be sentenced May 25 by U.S. District Judge Jose L. Linares.

The jury deliberated about seven hours over two days following three-week trial.

He was convicted of robbing three banks: the Bank of New York in Millburn on Nov. 24, 2003, in which he got $33,000; a Fleet Bank in West Caldwell on Jan. 20, 2004, in which he got $13,000; and the same Fleet Bank on Feb. 10, 2004, in which he got $15,900.

He was also convicted of an attempted robbery on the day he was arrested, as well as four counts of carrying a firearm in connection with each of the bank counts. The final charge was for illegally having a firearm as a felon.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.