Wednesday, March 31, 2010

Former Louisiana Banker Pleads Guilty To Embezzling $231K From Client Accounts

Christopher P. Smith, 30, of Lafayette, Louisiana, pleaded guilty yesterday to charges he embezzled some $231,000 from customer accounts at Chase Bank where he was employed as a personal banker. Specifically, Smith pleaded guilty to one count of misapplication of bank funds resulting from unauthorized withdrawals from September 2007 through August 2009. The bank customers have all been reimbursed, according to reports. Smith faces up to 30 years in prison, plus a fine of up to $1 million and restitution.

Read the story here.

Update (8/10/10): Smith was sentenced to 41 months in prison for his embezzlement scheme. Smith was also ordered to pay $228,350.60 in restitution and will serve five years of supervised release after his prison sentence. He had plead guilty to misapplication of bank funds.

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