Wednesday, December 10, 2008

Longtime Employee At Pennsylvania Bank Accused Of Embezzlement

Roberta L. Stutzman, 61, of Boyertown, Pennsylvania, was accused in a civil suit filed on Friday by National Penn Bancshares as having embezzled from the bank at least $5 million. Stutzman, who was a 29-year veteran employee of the bank, worked as an assistant vice president of loan accounting. According to the suit, she conspired with her husband, Dennis K. Stutzman and her two sons, Matthew K. Stutzman and David K. Stutzman and several other family members, to defraud the bank. Stutzman's scheme involved opening lines of credit in various fictitious names and then transferring funds into her own and several family member accounts. The suit did not say how long the fraud had taken place but it was discovered on December 1st and she was immediately terminated. According to the suit, Stutzman also attempted to conceal evidence by downloading and attempted to destroy some 300 pages of bank documents. National Penn's suit asks the court to freeze Stutzman's assets and is seeking $4.5 million in damages. She used the funds to purchase several homes for herself and her family, according to the suit. The FBI has been contacted and is actively conducting a criminal investigation. Reports note that another former executive of the bank, Edward G. Mawhinney, embezzled $6.1 million between 1998 and 2004. He was sentenced to 45 months in prison, plus restitution.

Read the story here, here and here.

1 comment:

Anonymous said...

The president of the bank should be terminated. This is the 2nd time this happened under his guard. Innocent people have suffered because of their inefficient systems, poor controls, and lack of monitoring. He should be held accountable!