Sunday, December 4, 2011

California Banker Pleads Guilty To Embezzling Nearly $2 Million From Customer Accounts

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.

Read the story here and here.

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