Ray Van Norman, 80, of Kearney, Nebraska and the former Chairman & CEO of the Minden Exchange Bank and Trust, pleaded guilty yesterday to embezzling $11.4 million from the bank over a nine year period. Norman admitted that he stole the money using a scheme involving making loans to corporate entities he controlled. He was originally charged with 26 counts of loan fraud with false collateral. Norman faces up to 50 years in prison and $1 million in fines, plus restitution.Saturday, November 22, 2008
80 Year Old Nebraska Former Banker Pleads Guilty To $11 Million Embezzlement
Ray Van Norman, 80, of Kearney, Nebraska and the former Chairman & CEO of the Minden Exchange Bank and Trust, pleaded guilty yesterday to embezzling $11.4 million from the bank over a nine year period. Norman admitted that he stole the money using a scheme involving making loans to corporate entities he controlled. He was originally charged with 26 counts of loan fraud with false collateral. Norman faces up to 50 years in prison and $1 million in fines, plus restitution.
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3 comments:
I knew Ray for over 40 years and he was my banker for many of them. He did his community and his customers far more good than he did harm . Dave Lovewell Superior, Ne.
That may be the case, Dave, but it still does not excuse his actions.
I am wondering what he was doing from 1975-90. Personal reasons.
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