Ohio Woman Accused Of Embezzling $860K From Savings & Loan Customer

From WFMJ on 1/14/15:

EAST LIVERPOOL, Ohio - A retired employee of Home Savings and Loan is accused of stealing $860,000 over a six year period.

A federal grand jury has returned a one-count indictment charging Mary Jo Schmidbauer, age 67, of East Liverpool, Ohio, with bank fraud.

Prosecutors say that in 2007, when Schmidbauer was employed by Home Savings and Loan in East Liverpool, she obtained permission from a person identified only as “J.M.” to manage money that J.M. deposited into accounts maintained by the bank.

After retiring from her position, Schmidbauer obtained a power of attorney from J.M. to continue managing the accounts maintained by Home Savings and Loan, according to the indictment.

Schmidbauer also allegedly withdrew cash from J.M.'s accounts for Schmidbauer's own personal use and transferred money from J.M.'s accounts into Schmidbauer's accounts. Schmidbauer then withdrew that money for her own personal use, according to the indictment.

The indictment says that Schmidbauer obtained a total of approximately $860,000 from J.M.'s accounts between 2007 and 2013.

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