Michael Joseph Willett, 40, of Newaygo, Michigan, pleaded not guilty to charges he embezzled $333,462 from Firstbank of West Michigan, where he had previously served as a vice president. Willett was indicted last December on 16 counts of misapplication of bank funds and identity theft in a scheme to embezzle from the bank that allegedly lasted 2 1/2 years, from August 2005 to February 2008. The scheme reportedly involved Willett creating fraudulent loans and lines of credit in the name of some of the bank's customers and pocketing the funds himself.
Read the story here, here and here.
Update (4/1/10): Willett entered a plea agreement yesterday, pleading guilty to one count of theft of bank funds and one count of aggravated identity theft in exchange for 14 other counts being dropped. He still faces up to 30 years in prison and a $1 million fine.
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