Sunday, November 6, 2011

Former Bank Cashier In Iowa Pleads Guilty To Embezzling $6 Million Over 20 Year Period

George Todd Powers, 48, of Clarksville, Iowa has pleaded guilty to embezzling nearly $6 million from Iowa State Bank where he had been employed as a cashier.  According to authorities, over a period of about 20 years, from the Spring of 1991 to September 2010, Powers transferred funds from bank coffers to his own accounts.  He is also believed to have created false accounts and transaction entries to cover up the longtime misappropriations.  Prosecutors alleged that Powers embezzled at least $5,986,781.18 and spent some of the money on home improvements, luxury automobiles and other personal luxuries.  The bank has sued Powers in a civil action to recover funds.  He faces up to 32 years in prison, plus restitution and fines.

Read the story here and here.

Read the DOJ announcement here.

Hat tip: FraudTalk Reader Joe.

Update (3/8/12): Powers has been sentenced to more than 10 years in federal prison.

No comments: