Roberta L. Stutzman, 62, of Boyertown, Pennsylvania, was charged today with embezzling $4,414,538 from National Penn Bank where she had been employed as vice president of loan operations. According to prosecutors, Stutzman created lines of credit using fictitious names and electronically transferred bank monies into accounts she and her relatives controlled. Specifically, she has been charged with one count each of bank fraud, embezzlement by a bank employee and filing a false tax return for the year 2007. Stutzman reportedly spent much of the stolen funds on vehicles, real estate and other personal luxuries. In December 2008, the bank terminated Stutzman after irregularities in her bookkeeping were discovered and filed a civil suit against her in an effort to recover the misappropriated funds. National Penn's civil suit also names her husband, Dennis K. Stutzman, 63; and sons Matthew K. Stutzman, 35 and David K. Stutzman, 38, all of Boyertown, as co-conspirators in the scheme. However, only Roberta Stutzman has been charged criminally at this time. She had reportedly been an employee of the bank since 1981. Stutzman's scheme follows another major embezzlement by a former executive of the bank, Edward G. Mawhinney, who embezzled $6.1 million between 1998 and 2004. Mawhiney was sentenced to 45 months in prison, plus restitution.
Read FraudTalk's original post on this story here.
Read the story here, here and here.
Update (7/15/10): Stutzman, now 63, was sentenced to 75 months in prison. Read the updated story here.
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