Sunday, August 8, 2010

Connecticut Bank Exec Pleads Guilty To $1 Million Embezzlement Scheme

Robert A. Nixon, 48, of East Haven, Connecticut, plead guilty Friday to one count of theft, embezzlement, or misapplication by a bank officer or employee, and one count of income tax evasion in connection with the misappropriation of more than $1 million from Castle Bank and Trust of Middletown, now Naugatuck Savings Bank, where he had been employed as a vice president. According to prosecutors, over a period of as long as 8 years, Nixon caused fund transfers from the bank's general account to a friend's account and then either withdrew funds directly or had his friend give him some of the funds. The total amount Nixon misappropriated, according to authorities, was $1,039,227.34. Sentencing is scheduled for October 25, 2010, when he faces up to 35 years in prison, plus fines and restitution.

Read the story here and here.

Update (10/26/10): Nixon was sentenced to 55 months in prison for embezzling $1,039,227.34 from Castle Bank and Trust where he had served as vice president of operations.

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