Wednesday, December 21, 2011

Former Bank Officer In Missouri Sentenced For Embezzling More Than $450K

Troy W. Posten, 42, of Crocker, Missouri, was sentenced to 40 months in federal prison for embezzling $451,763.46 from the Bank of Crocker where he had been employed as a loan officer.  According to authorities, over a period of 4 years, from May 2004 until May 2008, Posten fraudulently obtained loans, lines of credit, and funds from bank customers’ accounts without their knowledge or approval.  Posten reportedly used the misappropriated funds for his own benefit, including paying off personal loans and obligations.  He pleaded guilty to one count of bank fraud last July.  Posten, who is reportedly a former Richland school board member, has also been barred from working in the financial services industry.

Read the story here and here.

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