Thursday, July 16, 2009

Wisconsin Bank Executive Indicted For $635K Embezzlement

David K. Henke, 50, of Wisconsin Rapids, Wisconsin, was indicted by a federal grand jury for allegedly embezzling some $635,000 from the Rapids Municipal Credit Union where he served as president. Prosecutors allege that Henke misappropriated the funds between November 1999 and October 2008 by manipulating the financial institution's books and records. Henke was indicted on 20 felony counts, including bank fraud and embezzlement. He faces up to 600 years in prison, a $1 million fine, 5 years period of supervised release, and restitution.

Read the story here and here.

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