Matthew J. Walker, 34, of Laguna Hills, California, pleaded guilty to charges he embezzled nearly $2 million from customer accounts at the Farmers & Merchants Bank where he had been employed as vice president. Walker is reportedly a decendant of C.J. Walker, who founded the bank in 1907 and the son of Daniel Walker, the current president of the bank. According to authorities, over a period of 16 months, Walker withdrew funds from customer trust accounts and funnelled the money into a failed company called Xoodlz, Inc. A total of $1,973,000 was reportedly taken in 8 fraudulent transactions. Walker pleaded guilty to one count of theft of bank funds and faces up to 30 years in prison, plus restitution and fines.
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