Monday, June 8, 2009

Former Texas Bank Exec Pleads Guilty To Embezzlement

Tracy Eugene Culp, 44, of Texarkana, Texas, pleaded guilty last Friday to embezzling some $260,000 from the Cass County Bank of Queen City, Texas, where he had been employed as a vice president and branch manager over a two year period between October 2005 and June 2007. According to prosecutors, Culp created fraudulent loans and funnelled the money to his own personal accounts. Culp faces up to 30 years in prison, plus fines and restitution.

Read the story here, here and here.

Read the DOJ's announcement here.

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