Thursday, April 4, 2013

Maryland Woman Sentenced For Defrauding Savings Bank Out Of $682K In Bogus Loan Scheme

Former Hebron Savings Bank VP Sentenced for Embezzlement

Posted: Mar 15, 2013 8:43 AM EDT  By Kye Parsons

BALTIMORE- A former vice president of Hebron Savings Bank in Wicomico County has been sentenced to 18 months in prison for embezzlement and ordered to pay $456,665 in restitution, federal prosecutors announced Thursday.
According to her plea agreement, 56-year-old Wanda Henderson of Westover, used her position at the bank, including her role as executive assistant to president, to manipulate bank records and receive fraudulent loans over a period from 2005 until April 2011. Over that period of time, Henderson had secured 20 fraudulent loans for herself and family members worth more than $682,000, with more than $456,000 of that amount going into default, prosecutors said.

Prosecutors said Henderson created fraudulent loan applications, then got them approved by forging the signatures of the president and other bank officials. She also forged the initials of other employees so the money could be transferred into checking accounts owned by her and a family member, according to prosecutors.

Henderson concealed the thefts from bank officials by changing bank records and taking out new loans to repay older loans when they came due, which allowed her to continue the scheme until April 2011, prosecutors said.

From WBOC16

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