Monday, October 18, 2010
North Carolina Bank Exec Pleads Guilty To Misappropriating $1 Million In Fraudulent Loans
Karen F. Floyd, 49, of Salisbury, North Carolina, pleaded guilty to charges she misappropriated more than $1 million from Southern Community Bank & Trust, where she had served as a Senior Vice President & Regional Banking Executive. According to authorities, over a 3 1/2 year period, from March 2006 through November 2009. Floyd created at least 11 fraudulent loans made out to "straw" borrowers totalling $1.08 million. She faces up to 30 years in prison, plus fines and restitution on the one count of theft/embezzlement/misapplication by (a) bank officer.
Read the story here.